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Alberta Umbrella Insurance
Things To Know About Protecting Your Livelihood
If you own a home or property in Alberta you may have the need for Umbrella Insurance. For example, a homeowner, car, or Business Insurance claim could be significantly more than your policy limits. In other words, what would you do if the insurance company did not pay enough to cover the claim? Basically, you would have two choices. You could:
- A. Pay the claim
- B. Not pay the claim
If you cannot pay a claim you could be facing a lawsuit with major legal and financial problems. Let’s take a look at fictional couple Oscar and Nancy.
Nancy and Oscar loved their new home and they both worked very hard to build a dream house that they planned to live in for the rest of their lives. They also had a new car and an SUV that was only two years old. The couple planned on starting a family soon, life was great, until one day Nancy had a traffic accident.
Oscar warned Nancy about driving her car while talking on her cell phone, but she ran a local beauty salon and her people were constantly calling her for advice. One day while driving and talking she pulled into traffic and did not see a new luxury car that was coming down the road. The car swerved to avoid her and hit a utility pole seriously injuring the driver.
It turned out that the driver was a professional baseball player and this accident essentially ended his playing career. In addition, the ball player ended up suing Nancy and Oscar for millions of dollars in lost wages, and their car insurance liability was only $300,000. Needless to say, Oscar and Nancy’s lives were never the same. If they had the foresight to take out Umbrella Liability Insurance, things would have been different.
What Is Umbrella Coverage?
The term “umbrella” means that you are buying liability insurance that covers or protects you from a wide range of potential legal issues. Most policies cover normal issues that are in excess of standard insurance policy limits. These policies typically start out at one million dollars and can be significantly more.
Who Needs Umbrella Coverage?
Many people should have Umbrella or Excess Liability Insurance but they do not have it (like Nancy and Oscar). Here are some of the people that should consider this kind of liability protection:
- Property owners
- Luxury home owners
- People with significant assets
- Business owners
- Sole proprietors
- Professional people
- Corporate officers
Anyone that has assets or property that they want to protect should think about this kind of coverage.
What Does A Standard Umbrella Insurance Policy Cover?
There are many different situations that Umbrella policies may be good for. For example:
- Legal fees
- False arrest charges
- Car accidents – above the normal limit
- Homeowner claims – above the normal limit
- Professional liability
- Malpractice – it may cover amounts that exceed a malpractice policy limits
- Property damage
- Dog bites
What Will Umbrella Liability Insurance NOT Pay For?
Umbrella policies will not pay for everything. Here are some of the things that may not be covered:
- Flood insurance – you will probably need a special flood insurance policy.
- Uninsured or underinsured motorists – this is not usually covered, because your umbrella policy generally covers your actions and liabilities.
- Fraud or illegal activities
Are There Additional Options To Consider?
The main consideration with Umbrella or Excess Liability Insurance is the limits. For example, one million dollars may be sufficient for some people while others may need more. Also, if you rent an apartment, condo, or house, umbrella coverage may increase your renters insurance to cover things like car rentals. This is a good idea for frequent fliers.
Why You Need Professional Help With Your Umbrella Policy
Standard homeowner and car insurance policies may not be enough. Also, business owners need to protect their businesses from major lawsuits. Leibel Insurance Group is there to help you find the best Umbrella Liability Insurance policy for your needs.
We have been in business for more than three decades, and our dedicated and educated staff is there to serve you. We also can take care of U.S. property owners with cross border coverage needs. Because we are an independent insurance brokerage we can compare several insurers at once to make sure you get the best policy at the lowest possible rates. We offer one easy application over all policy types.
So many people in Alberta are walking around at risk today and have no idea. The best way to know if you need this protection is to talk to an insurance specialist as soon as possible. Any insurance agent can sell you an umbrella policy, but it takes a trained and experienced professional to give you professional advice on matters like these.
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I found Leibel Insurance to be an accommodating, friendly insurance company that was more thorough than any other insurance company I have encountered over the last ten years. Their agents are very friendly and easy to deal with. I anticipate remaining with them for quite some time, and insuring my two up-and-coming young drivers too.