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Umbrella Insurance? To buy, or not to buy? That is the cliché question. But it is also a legitimate question when it comes to many life decisions. Amongst the many important questions we have to ask ourselves is “do I need umbrella insurance?” If you don’t know what umbrella insurance is, here is a quick sum up. Umbrella insurance is not insurance for your umbrella. (Although surely there is someone out there who would buy insurance for their umbrella…) Umbrella insurance covers costs above and beyond the limits of your existing insurance. Usually, umbrella insurance is used for worst-case scenarios. Unfortunately, these are becoming more and more common. In our law -suithappy society, you could end up responsible for monstrous costs for common mistakes. Car accidents, libel, slander, false-arrest, etc., are all reasons umbrella insurance could be good to have. And this doesn’t just apply for rich CEO’s or millionaires. Plenty of middle-class people are sued millions for common accidents. Umbrella insurance will protect you from those situations. But the question really is, should I really get umbrella insurance? It’s a tough question to answer and of course no one can predict the future. Buying or not buying will always come with risks. But, if you would like to minimize those risks, here are a few self-appraising questions that could help you make a better decision.

Where Are You at? First, consider your situation in life. What job do you have? Could you be a target for an angry customer, client, or business partner? Does your work involve controversial issues? Could you be personally held responsible for work-related incidents? If it looks like you walk a fine edge with your work, it might be a good decision to invest in an umbrella policy. Second, consider your personality. Are you accident prone? Are you distracted easily? How many accidents have you been in in the past? Do you like to cause trouble? Do you like to take risks? Do you have a bad temper? Do you like to argue controversial issues in public forums? Do you lik e to defy authority? If so, you might want to consider umbrella insurance. Third, what is your family like? Ask the same questions listed above about close relatives for whom you might be financially responsible. But also, think about what kind of financial support your family could provide if you got in trouble. If you are not rich, do you have wealthy relatives who would be willing to help you


out? Is there a lawyer or doctor in your family that could provide free services that would otherwise cost tens of thousands? If you feel like you are at low risk and have the financial backing to get you or your family out of a bad scrape, you might not need umbrella insurance. Finally, talk to your local Colorado Independent Insurance Agent and see what advice they have for you. If you have existing car insurance Colorado, or home insurance Colorado, you might ok. See what your agent has to say.

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Umbrella Insurance?  

To buy, or not to buy? That is the cliché question. But it is also a legitimate question when it comes to many life decisions. Amongst th...