Umbrella Insurance: When accidents happen, be prepared.

Accidents happen. They just do. 

Your foot slips and you press the gas pedal when you meant to brake. 

Your child hits a line drive through a neighbor’s window during baseball practice.

Your dog panics and bites a stranger.

The question is: are you adequately prepared to handle these situations - specifically the economic consequences of these situations - when and if they occur?

Hi, I’m John Gigliello, CERTIFIED FINANCIAL PLANNER™ with the Albany Financial Group and you’re listening to Invest in Knowledge, a podcast about all things financial. After a life-altering health issue at age 39, my calling in life became clear: To share my knowledge of personal finance with PEOPLE who are looking to make smart and responsible choices with their money. Only through education, action and accountability can YOU build the confidence and security YOU need to live a SATISFYING life.

Today I am going to talk about umbrella insurance and how it differs from the other insurances for which you likely already pay.

What Is Umbrella Insurance?

Umbrella insurance provides “excess liability insurance,” simply meaning additional coverage, beyond the liability insurance you already have in your auto, homeowners and/or watercraft insurance policies. Umbrella insurance kicks in for expensive situations where medical bills and/or repairs exceed what auto, homeowners or boat insurance policies will pay.

Umbrella insurance is a good way to buy extra coverage to protect your assets. You can think of it as asset protection because it can prevent you from losing your assets while trying to pay for a lawsuit judgment against you.