Some of you may have heard about the car accident that Patriots rookie Harvey Langi and his wife were recently in. While we at Bright insurance are big Patriots fans that is not the only reason why we are bringing this up. By showing this picture we are hoping to start an important insurance conversation. The driver in the front car was Harvey Langi and his wife. As a result of the car accident Langi suffered injuries to his neck and head, while his wife suffered injuries among other things to her hips and ribs. This season Langi is making the NFL league minimum of $465,000. Any long term injuries to Langi’s career due to the injuries he suffered would no doubt result in a multi-million dollar lawsuit against the driver of the SUV that hit him.
No one intends to get in a bad accident, but if you did, could you afford to lose everything you have to pay for it? Have you adequately protected all of your assets?
What is an Umbrella policy? An umbrella policy protects your existing personal assets (your home, autos, boats etc) and your future personal assets (future wages, inheritances, and the lottery you are planning on wining) against the cost of losing a lawsuit over a car accident or an accident on your property. If you were to lose a lawsuit you could have to pay for costs like medical expenses and lost wages that could be expensive.
How does it work? An umbrella policy only comes into the mix when you have exhausted your home and auto liability coverage, or when the claim is something that is excluded from being covered under your home or auto policies. If there is a judgement against you for an accident at your home and your home owner’s policy has $500,000 liability coverage that policy will cover the first $500,000 and your umbrella would cover the remaining $500,000
How much does it cost? Depending on the coverage limits, policies can cost as little as $20 a month or around $250 a year.
For help to decide if an umbrella policy would be a smart investment for you contact one of our Customer service representatives.