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Happy National Umbrella Day! Yes, today, February 10, is a day dedicated to honor one of the most useful and functional devices. Umbrellas serve many purposes such as keeping you dry, accessorizing your outfit and protecting you from the harsh rays of the sun. Just like the umbrella has excellent coverage and protection, so does umbrella insurance, also known as Personal Excess Liability Insurance. According to The Street, umbrella insurance goes “above and beyond” the limits of certain personal insurance policies, such as homeowners and auto insurance. Umbrella insurance covers for claims that are often excluded by liability insurance policies.* In addition to your existing coverage, it may protect you from damages resulting from:**

  • Slander
  • Libel
  • False Arrest
  • Defamation
  • Malicious prosecution
  • Landlord liability
  • Serious bodily injury
  • Serious property destruction

These insurance policies begin working when your regular insurance liability coverage gets maxed out. The purpose of an umbrella policy is to prevent large liability claims or judgments, which primarily benefits people who are not able to afford to pay for the costs by themselves.***

Umbrella insurance is an excellent way to add an extra layer of coverage to your liability protection, because often times when it rains, it pours. People tend to work hard and save their money to provide themselves with a secured financial future. However, unexpected situations often transpire and we are not prepared for them. If you are involved in an accident without proper liability coverage, you can end up paying for damages out-of-pocket. However, purchasing umbrella insurance can help you avoid this kind of situation. This feature not only increases the coverage on your current policies, but can include coverage for accidents not typically included in other policies.

Home renovation, rental tenants, frequent entertaining, ownership of a pool or trampoline, board of directors participation, ownership of recreational vehicles, and even the use of social media are just a few risk factors that may increase your need for umbrella insurance.****

In conclusion, we at Penny Insurance advise you to consider the following questions posed by Russ Alan Prince, writer for Forbes, in regards to the importance of investing in this insurance:

  • What will happen if you or your child causes a car accident resulting in serious injuries and death of others? 
  • How would you pay for the treatment of someone who hurts himself or herself in your home and claims negligence? What happens when they claim to have greatly suffered because of the injury? 
  • What if a stranger on your property beats your dog and in self-defense your dog bites the person, and then you are sued?*****

Purchasing Umbrella Insurance / Personal Excess Liability Insurance will give you the best possible protection against any of these claims.

You’ve worked hard for your assets and that’s why you deserve to enjoy the fruits of your labors without fear of losing them. Experience the ultimate peace of mind with Penny Insurance’s personal excess liability plans, unique to you and your needs. After all, liability issues are everywhere and you never know what could result in a lawsuit. To learn more about umbrella insurance, call us today to speak to a professional. Like a good umbrella, Penny Insurance always has you covered with your best interests in mind.

* https://www.thestreet.com/story/14266041/1/what-is-umbrella-insurance-and-do-you-need-it.html

**https://www.trustedchoice.com/l/south-carolina/umbrella-insurance/

*** https://www.spiveyinsurancegroup.com/blog/national-umbrella-day-personal-umbrella-insurance-policy/

****https://www.insurance.com/auto-insurance/coverage/umbrella-insurance-policy-guide.html

***** https://www.forbes.com/sites/russalanprince/2018/08/02/the-importance-of-personal-umbrella-policies/#6f99a39e4254