Whether you just bought a new home or car, or one of your children is (terrifyingly) starting to drive, there are many reasons to review your insurance needs to make sure you have adequate protection. Have you ever considered your Calgary insurance situation in relation to changes to the world outside? The cost of just about everything in this city is on the rise, and with that liabilities increase. With lawsuits on the rise, and accidents becoming more and more expensive, it’s wise to adjust your insurance accordingly. A Personal Umbrella policy is a convenient and smart way to ensure all your insurance bases are covered – no matter what happens!
The High Cost of Life
You don’t have to live like a rock star to be at risk. If you have a swimming pool or trampoline, or own a rental property, you are statistically more likely to be the victim of a liability lawsuit. You could lose everything you own—your home, your savings, and even future wages. Personal Umbrella Insurance is “rainy day” protection that covers you when the limits of your home or auto insurance have been reached. Personal Umbrella Insurance can protect you from a variety of high-cost legal situations, including:
- Legal fees
- Property damage you caused
- Personal injury you caused
- Hazards on your property for which you are liable
- Liability for events that happen off your property
- Liability for occurrences you caused at a rental property (as a landlord)
A Safety Net When You Need It
Insurance can all seem pretty abstract and even far-fetched until it becomes a reality. Imagine if one of the employees at your home business injures themselves severely while working. Or, what if you are driving home on Calgary’s Deerfoot Trail after a long day of work and make a mistake that causes a multiple-vehicle accident? Any one of these situations could easily result in a lawsuit where you could be found liable, and your current insurance could turn out to be insufficient.
An umbrella policy is usually purchased in $1 million increments and is quite affordable. Lane’s is able to provide up to $10 million in supplemental coverage. Such a high amount might seem unnecessary, but if you have a high liability risk because of any of the reasons mentioned above, or because you are in a high earning or high profile profession, the last thing you want is to be underinsured in the event of a lawsuit.
At Lane’s Insurance, we will sit down with you to make sure you have the right insurance to meet your needs, so be sure to contact us if you have any questions about the real-world benefits of a Personal Umbrella policy.