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Home » Guardianship » Remember Your Umbrella

Remember Your Umbrella

April 30, 2014 by Larry Parman, Attorney at Law

Now that spring is here, my wife frequently reminds me to keep an umbrella handy in case of an inevitable rain emergency.  I usually follow her advice by tossing an umbrella in the backseat of my car and rest assured knowing I can reach it if I get caught in an unexpected downpour.  However, another “umbrella” can protect you from much more than merely getting wet.

An umbrella liability insurance policy is an important part of many estate and asset protection plans as it provides personal liability insurance against a variety of potential claims.  These policies provide coverage above and beyond the limits of your homeowners and automobile insurance policies.

To show you how umbrella policies work, assume you get sued as a result of an automobile accident and the claim is settled for $1 million.  If your auto insurance policy limit is $300,000, you could be on the hook for the remaining $700,000.  Fortunately, your umbrella policy would cover the remaining $700,000 and pay for your legal expenses along the way.  In this example, your total out-of-pocket costs may only be limited to your $1,000 deductible despite the $1 million settlement.

Fortunately, the cost of umbrella coverage is fairly inexpensive compared to other types of insurance as a $1 million umbrella policy typically costs less than $200 per year.  Note, however, that your insurance company will likely require you to have both your home and auto insurance with them as well as maintaining specified levels of coverage.

If you are concerned that your assets could be taken to satisfy potential claims from auto accidents or accidents occurring on your property, please call Vikki at 405-562-7409 to schedule a complimentary consultation and explore whether the additional protection of an umbrella policy makes sense for you.

Blaine Peterson
Attorney
Parman & Easterday

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Larry Parman, Attorney at Law
Larry Parman, Attorney at Law
Founder and Owner at Parman & Easterday
After helping his own family deal with a lengthy probate and the IRS following his father’s untimely death in a farm accident, Larry Parman made a decision to help families create effective estate plans designed to reduce taxes, minimize legal interference with the transfer of assets to one’s heirs, and protect his clients’ assets from predators and creditors.
Larry Parman, Attorney at Law
Latest posts by Larry Parman, Attorney at Law (see all)
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Filed Under: Guardianship Tagged With: Estate Planning Consultation, Free Estate Planning Reports

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OKLAHOMA CITY, OK
13913 Quail Pointe Drive, Suite B
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