Why everyone should consider a Personal Umbrella policy!

 Insurance Basics

A common misconception about personal umbrella insurance is that it is only for the wealthy. This is far from the truth, as most Canadians are vulnerable to having legal action taken against them from common things such as having a vehicle, owning a home or making a social media post.

With increasing costs to defend liability claims, as well as higher liability payouts becoming more common, it is important to consider a Personal Umbrella Policy to best protect you and your family.

Although we recommend that everyone considers an umbrella policy, there are certain individuals that have a higher liability exposure, such as:

  • Families with children or teenagers
  • Pet owners
  • Trampoline owners
  • Pool owners
  • Social Media Users
  • People who host others at their home
  • Someone who travels frequently
  • Someone who owns multiple properties
  • Someone who owns multiple vehicles
  • Someone who participates in a sport or activity that could result in the injury of others

If you fall into ANY ONE of the above categories, you are a candidate for personal umbrella coverage.

What is an umbrella policy?

An umbrella policy covers above and beyond your standard personal liability provided with your home or auto insurance policies. An umbrella policy can also extend to multiple properties and vehicles within the household. An umbrella policy not only protects you beyond the liability limits on primary policies, but it also offers broader worldwide coverage.

You may be able to save money!

Umbrella policies allow you to bundle your extended liability coverage for both properties and vehicles all on one policy. The savings created on the primary policies often amounts to more than the cost of the Umbrella policy itself.