Do I need an umbrella?

It's that thing you pull out on a rainy day...

It's spared millions of hairdo's, cashmere sweaters, and pretty faces riddled with makeup. It's saved sprightly children from arriving to school dripping wet. It's sheltered legal paperwork from the disastrous ink-bleed.

You guessed it. We're talking about the all-too-important umbrella!


The insurance world also offers something for a rainy day.

Aptly named, umbrella insurance - like the umbrella - gives one overarching coverage against something potentially disastrous. An umbrella insurance policy can protect your accrued wealth and personal assets from extensive liability claims. In a nut shell, it can save you from financial ruin if you're found to be liable for damages exceeding coverage offered by your home or auto insurance policies. In other words, an umbrella policy kicks in after the liability limits of your home or auto policies have been exceeded.


Do I need umbrella insurance?

In today’s litigious world, even a minor fender bender or a disagreement on social media can end up in court. With legal fees averaging $200-$400 per hour, you can find yourself in a financial crisis very quickly. Any judgments or legal costs that exceed your standard limits can be garnished from your assets. This could be anything from your wages, to the equity in your home, or even your retirement savings.   

A common myth is that an umbrella is only for the wealthy.  That is certainly not the case anymore.  Anyone who has purchased a home, worked hard, and saved for their future should consider an umbrella. 


Still wondering if umbrella insurance is right for you?

We're here to help. Give us a call at 330-725-4499 or 216-447-1088 so we can discuss your current coverage and see if an umbrella policy is right for you.


About the Author:

Robert Heed is a licensed insurance agent located in Medina, Ohio. Robert has been in the insurance business since 1994. He shares his practice, Agency One Insurance, with his wife and fellow insurance agent, Christine Heed. Robert focuses on Personal lines, while Christine’s focus is with Commercial Insurance. They have two children, Patrick and Grace, and have been married for 22 years.