5 Kinds Of People Who Need An Umbrella Insurance Policy
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- Опубликовано: 9 апр 2020
- The Personal Liability Umbrella insurance policy, commonly referred to just as an "umbrella policy" is absolutely essential for some people.
In this video, we talk about the 5 kinds of people who need an umbrella insurance policy.
1. Anyone who has a pool in their yard.
2. Anyone who has an automobile driver in their home younger than 21.
3. Anyone who owns investment real estate in their personal name (i.e. Not inside of a real estate LLC or holding company)
4. Anyone who owns a business, serves in public office or is at any increased risk of receiving personal accusations like libel, slander, defamation, etc.
5. Anyone with significant liquid or other assets that are exposed to risk in the event of a legal judgment.
- For more information, and to schedule your no-cost consultation with one of our RiskWell professional advisors, please visit www.riskwell.com or call our office at 469-678-8001.
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One thing is hardly ever mentioned is, who pays the attorney fees, if you don't have the policy you will! If your policy is insufficient and not enough, you will pay all of the attorney fees from your pocket. The smart thing to do is get the policy by the policy and make sure that you deduct the policy on your taxes
Understand that insurance is 100% tax deductible therefore who's really paying, the government gives you the right off so if you get it as 100% tax write-off who's paying, the government gives you credit for insurance
Good video. Thank you for sharing this important info
good info. appreciate it.
Thank you.
Thanks!!
Very good information. Thank you very much.
Quite welcome, Eddie! Glad you enjoyed it.
Would putting all your assets in a trust protect them?
Would you say that people who own boats would fall into the category of people who need an umbrella?
Not as much as the other categories, but yes it’s still a good idea!
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I am confused by the "anything other than" comment at 3:54. Are you saying if you have a house (the one you reside in), you DO or do NOT need an umbrella policy? I sometimes have trouble deciphering sentences and need help with this one -- thanks. I do have an umbrella policy because I own the house I reside in, and I have a car. Wanting to make sure I really do need this policy since I'm low income and don't want to spend money needlessly. :)
Yes!! Keep it! If you have equity in your home - umbrella coverage is a great way to protect your investment.
If 90% of my money is in home equity and retirement accounts, do I need an umbrella policy when I have a teenage driver at home.
Yes!!
Which insurance company do you recommend for purchasing umbrella insurance policy?
It would be the same company you use for home and auto
Crap! I have investment properties in my personal name
Thankfully, it’s a relatively easy fix. Happy to make an attorney recommendation if you need one. You can visit www.riskwell.com if you need help with getting your insurance updated. Happy to help.