IN Cranberry Winter 2016 | Page 15

INDUSTRY INSIGHT INSURANCE SPONSORED CONTENT YOU MIGHT NEED UMBRELLA INSURANCE AND NOT EVEN KNOW IT (…until it’s too late!) W hen was the last time you actually thought about your home and auto policies’ limits of liability? Imagine this: You’re driving home from work, and you drop something between the seats. You look down for barely a second—just barely a glance— and in this quick blink you don’t realize the car in front of you has to stop suddenly to keep from hitting a deer. Your car slams into that car. Metal crunches. Your airbags deploy. The dust settles, and you get out. Luckily, no one is seriously injured. But the woman you hit—a highly paid surgeon—hurt her hand in the accident. Because she won’t be able to work for the next six months, she’s suing you for her lost income of $1,000,000. But your auto policy’s liability limits max out at only $300,000. So, what happens then? Without umbrella liability insurance, your assets—your savings, your car, your pension, even your home—could be at risk. But this is one of many scenarios where umbrella insurance could help you out BIG TIME. Umbrella insurance would kick in to cover that additional amount for which you’re found liable. Put simply, umbrella insurance is excess liability insurance. If it’s been years since you’ve considered the exact number listed on your policy next to Liability Limit, then you could be at risk. Because, in general, as people get older and make more money, they tend to collect more and more assets. And once the combined total value of all those assets becomes more than your current liability limits, those same assets fall at risk to be taken away with just one lawsuit or major claim. Plus, umbrella liability insurance can cover claims that could be excluded from your other policies: claims like false arrest, libel, slander, and liability coverage for any rental units you own. In fact, just a single negative comment posted by your child on social media could trigger a major claim for which you’ll need umbrella coverage. (Seriously, this happens more than you might think.) NOT SURE IF YOUR ASSETS ARE AT RISK? WE’VE GOT YOU COVERED. Just visit ruppfiore.com/umbrellacalculator to use a free and completely anonymous umbrella asset calculator. You’ll know in no time where you stand. And, of course, we’re always one call (724.861.0300) or one click ([email protected]) away! This Industry Insight was written by CANDICE FIORE SCHAFFER, a licensed insurance agent able to sell all types of insurance products including personal, business, life, and health. Her main focus is on business insurance and the personal insurance for those business owners. Candice has been with Rupp-Fiore Insurance since 1990. She earned her bachelor’s degree at the University of Pittsburgh and a master’s degree in Risk Management/Insurance from Florida State University. Through the National Alliance of Insurance Education, Candice has also earned the Certified Insurance Counselor (CIC) and Certified Risk Manager (CRM) designations. Cranberry | Winter 2016 | icmags.com 13