What is a Personal Umbrella Policy, and Why You Need One in Kansas and Missouri?
By Dan Bukaty
- Is a personal umbrella policy necessary?
- How does an umbrella policy work?
- What is the purpose of having an umbrella policy?
- Why should I have a personal umbrella policy?
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- Why do you need a personal umbrella policy?
- What an umbrella policy does not cover?
- How much does a $1 million umbrella policy cover?
- Is a personal umbrella policy necessary?
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What is a Personal Umbrella Policy, and What Does It Cover in Kansas and Missouri?
Inflation and the willingness of the public to sue have increased the number of lawsuits and the size of awarded judgments. As your trusted insurance advisor, we want to remind you that the liability coverage included in your current homeowners, auto or watercraft insurance policies might not be sufficient to cover some of the court awards being made today. Your assets, even your future income, could be at risk if you or a family member is sued for an amount that exceeds your home, auto, rental property, or watercraft liability limits.
You should consider supplementing your current liability coverages with an affordable personal umbrella policy. A personal umbrella policy provides an additional limit of liability protection beyond the coverage built into your family’s existing insurance policies. Coverage for the policyholder is worldwide and can be extended to family members within the household.
Many people find it hard to believe they could ever be sued for more than the limits of their current insurance policies. However, exposure to liability losses is no longer limited to wealthy corporations. Lawyers advertise continually boasting of the huge jury awards they’ve won for their clients in personal injury lawsuits. Studies show lawsuit settlements have increased in direct proportion to these types of advertisements. A personal umbrella policy can help protect you, your family, and your assets from unforeseen catastrophic financial loss.
Personal Umbrella Claims Examples
Teenage Driver Crashes Family Car
A teenage driver ran a red light in his parents’ car while texting. The resulting accident involved four vehicles. Several people were hospitalized. The total cost of vehicle repairs, medical bills, and long-term injuries exceeded $1,500,000. The driver’s parents had $500,000 of liability coverage on their vehicle plus a $5,000,000 personal umbrella policy. The family had little out-of-pocket expense due to their son’s negligence.
Boating Accident Causes Severe Injuries
A carefree summer afternoon boating on the lake ended in tragedy when the boat collided with another vessel. Six people were injured. The claim was settled for $650,000. The owner’s boat liability coverage was exhausted. His personal umbrella policy contributed $350,000.
Personal Opinion Has Consequences
A homeowner sent a letter to the local newspaper criticizing an elected official. The homeowner made allegations that could not be proved. The elected official sued for libel and won a modest settlement. Still, legal fees exhausted the homeowner’s insurance policy requiring the personal umbrella to provide additional legal defense costs.
Dog Bite Leads to Expensive Injuries
A family’s dog bit a neighbor child. Resulting injuries required extensive plastic surgery and rehabilitative therapy. The family’s personal umbrella policy provided an additional $150,000 in coverage after the homeowner’s insurance coverages were exhausted.
Take Action Today to Buy a Personal Umbrella Policy
Don’t put your family’s assets at risk. Kansas and Missouri policyholders insured through Bukaty Property & Casualty Services have unlimited access to knowledgeable insurance professionals. Speak to your Bukaty Insurance team today for a quick and easy Personal Umbrella Quote. Coverage is often available for under $300 per year subject to underwriting approval. To learn more, email us at service@bukatyagency.com
Useful Links for Additional Information on Personal Umbrella Policies
Should I purchase a personal umbrella policy?
What is a personal umbrella policy?
The counties and cities where we Personal Umbrella Policies in Kansas & Missouri:
Kansas Counties & Cities
- Douglas County: Baldwin City, Eudora, Lawrence, Lecompton.
- Franklin County: Lane, Ottawa, Pomona, Princeton, Rantoul, Richmond, Wellsville, Williamsburg.
- Jefferson County: McLouth, Meriden, Nortonville, Oskaloosa, Ozawkie, Perry, Valley Falls, Winchester.
- Johnson County: De Soto, Edgerton, Gardner, Leawood, Lenexa, Mission, New Century, Olathe, Overland Park, Prairie Village, Shawnee, Spring Hill, Stilwell.
- Leavenworth County: Basehor, Bonner Springs, De Soto, Easton, Kansas City, Lansing, Leavenworth, Linwood, Tonganoxie.
- Linn County: Blue Mound, La Cygne, Linn Valley, Mound City, Parker, Pleasanton, Prescott.
- Miami County: Fontana, Louisburg, Osawatomie, Paola, Spring Hill.
- Shawnee County: Auburn, Rossville, Silver Lake, Topeka, Willard.
- Wyandotte County: Bonner Springs, Edwardsville, Kansas City Kansas, Lake Quivira.
Missouri Counties & Cities
- Cass County: Archie, Belton, Cleveland, Creighton, Drexel, East Lynne, Freeman, Garden City, Harrisonville, Kansas City, Lake Annette, Lake Winnebago, Lee’s Summit, Peculiar, Pleasant Hill, Raymore, Strasburg.
- Clay County: Avondale, Birmingham, Claycomo, Ectonville, Excelsior Estates, Excelsior Springs, Gladstone, Glenaire, Holt, Kansas City, Kearney, Lawson, Liberty, Missouri City, Mosby, North Kansas City, Oaks, Oakview, Oakwood, Oakwood Park, Pleasant Valley, Prathersville, Randolph, Smithville, Sugar Creek.
- Jackson County: Blue Springs, Buckner, Grain Valley, Grandview, Greenwood, Independence, Kansas City, Lake Lotawana, Lake Tapawingo, Lee’s Summit, Levasy, Lone Jack, Oak Grove, Sugar Creek.
- Platte County: Camden Point, Dearborn, Edgerton, Houston Lake, Kansas City, Lake Waukomis, Northmoor, Parkville, Platte City, Platte Woods, Riverside, Smithville, Tracy, Weatherby Lake, Weston.
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