You have worked hard to earn your lifestyle. One accident or claim can ruin all your financial planning. A Personal Umbrella Liability coverage added to your other policies can protect you, your spouse, and any relatives living in your home.
Umbrella Insurance provides extra protection or limits above the liability insurance you currently have. Just as an umbrella protects you from heavy rain, an umbrella insurance policy protects you from losing the entirety of your wealth and assets in the event of a claim. Umbrella insurance can provide limits above your business insurance, personal auto, and home policies.
Umbrella insurance provides broad insurance beyond traditional insurance. It provides additional liability coverage above the limits of your primary insurance policies. It can also provide coverage for claims that may be excluded by the primary policies.
Actual Claim Examples
A babysitter left a 5-month-old infant unattended in a walker. The infant toppled the walker, struck her head on the floor, and suffered brain damage. The parents of the infant sued the teenage babysitter and her parents. The court awarded the infant's parents $11,000,000.
A teenager, who was destined for greatness as a softball player, filed a $700,000 lawsuit against her former coach, alleging his "incorrect" teaching style ruined her chances for an athletic scholarship.
A 28-year old engineer dove into a friends above ground swimming pool struck his head on the bottom and, as a result, became a quadriplegic. He sued both the homeowner and the pool manufacturer. The court found the homeowner to be 60 percent responsible and the pool manufacturer to be 40 percent responsible and awarded $10,000,000.
The insured permitted several of her children and their friends to play paintball in her large back yard. The children were experienced and advised of all the safety rules, including the use of headgear at all times. A participant removed her headgear as she was leaving the field in order to hear better someone calling her name. The minor claimant was hit in the eye reselling in a $475,000 settlement.
It will be imperative to evaluate your personal insurance program now that 2022 is approaching. Before buying insurance, most consumers don't take the time to consider their exposures, options, or present financial situation. It's critical to take stock of your own finances in order to plan for the future.
It is equally important to work with your agent to help you understand what kind of insurance you are buying and why you are buying it. A good agent will educate you on your risk and help you determine what coverage you need and what coverage you may not need.
Remember insurance is not a product, it is a relationship. The more you know the better decisions you can make. These are things your agent needs to be talking to you about. If they don’t call you, call them to set up a meeting to review your risk, insurance, and coverage.
Make Sure That You Are Dealing With A Licensed Insurance Agent - Insurance companies and agents are both required to be licensed by the state, and their information may be found online at the state's insurance department. Most state insurance departments have resources online to aid you in choosing the correct insurance and ensuring that the person or organization you're dealing with is an expert in that field.
Examine Your Automobile, Home, and Personal Liability Limits – If your policy limits are less than $100,000, you may be able to cover your legal liabilities in the event of a claim or accident. Anyone with any assets or income to protect should get minimum liability coverage of $500,000 to $1 million or more. You will find the cost of higher limits is very competitively priced.
Recognize The Risks And Coverage You Require - Every property, home and family is unique and comes with its own set of risks. For example, the type of insurance required will also be determined by whether the property is utilized as a primary residence, a long-term or short-term rental, or a condominium. In general, homeowner's insurance is intended to protect against dangers beyond the owner's control, such as rain, wind, fire, vandalism, pipe bursts, falling objects, theft caused by broken glass, and so on.
Keep a Home Inventory — Keeping an accurate inventory of your personal belongings will help you recover faster in the event of a loss.
Bundle Your Insurance - Save money by combining your vehicle, house, and umbrella policies with one insurer.
Choose the Right Deductible - A greater deductible lowers your premium, but you'll be responsible for more out-of-pocket expenses in the event of an accident. If you have a clean driving record and no accidents, you might choose to take a chance and pay a higher premium. The benefit for taking this risk might be as much as a 40% discount.
Consider Identity Theft — One of the fastest-growing crimes in the United States is identity theft.
Read Your Policy - I'm not referring to the 1-2 page Declarations Page that serves solely to demonstrate coverage, but rather the 20-30-page insurance Binder or Policy that provides the specifics of the coverage and exclusions. Nobody enjoys reading insurance policies, so don't be surprised if you don't comprehend them.
Purchase from a financially stable business — Your insurance coverage is only as good as the firm that backs it up. The insurance firm should be rated "A+" or better.
Your business provides important and needed services to your customers and is a cornerstone in the community. You also have the responsibility of employing many good people. It is important to have the best possible combination of business insurance coverage, pricing, and service.
We can help you design a business insurance program that is right for your individual business. We understand that having the right business insurance program can be the difference between recovering from a loss or going out of business.
Business Insurance Considerations
Do not overlook needed coverage like employment practice liability, business income, and cyber liability. A business owner’s policy or “BOP” might be a good option for you.
Work with an independent agent. We can help by recommending coverage options and searching the market for the best options for your business.
Consider combining your business coverage with your commercial auto to provide additional discounts.
Have your agent educate you on what kind of business insurance you may need.
Make sure you read your insurance policies.
Request that your agent perform an annual program review. This is a good way to determine if you need other coverage because of business changes.
The Neate Dupey Insurance Group had its beginnings in 2010 with the establishment of AMD Insurance Services in Scottsdale, Arizona.
Since then, we have grown to become a boutique independent insurance broking and risk management firm, supported by a large panel of national carriers, with clientele throughout the United States.
We occupy the niche between the big national insurance agencies and the typical suburban or captive agency. This makes us the ideal insurance partner for those clients seeking a combination of personal service and technical expertise.
These Holiday Tips Brought To You By Neate Dupey Insurance Group
The holiday season is filled with fun, parties, food, gifts, overeating, and, unfortunately, some risk. One of the fastest growing risks for many people is stolen packages by porch pirates. According to proopertycasualtiy360, over 26 million packages are stolen during the holiday season. Need more bad news? Your homeowners or renter’s insurance generally may not cover this loss as it often tends to be under your deductible.
Things To Do
Delivery confirmation is a good way to prove the package was delivered.
Thieves will follow delivery trucks, waiting for the perfect target.
These thieves commonly strike during working hours as many homes are empty at that time.
You can insure your packages.
Consider having a person there when the delivery is scheduled.
Install a security camera.
What To Do If A Package Is Stolen
Track your package. Check the delivery confirmation and tracking number.
Make sure a neighbor did not pick it up for you.
Contact the seller. Different retailers have different policies and processes for handling stolen items, but usually, you are entitled to a refund or a replacement item.
File a claim with the shipping company.
Check your Credit Cards for Purchase Protection.
Call our office at 480-391-3000 for a review of your homeowner’s insurance, as each policy is unique to your circumstances. We are happy to help you through your claim and help you determine the best course of action.
You've probably heard about identity theft on television or read about it in the newspaper, and you may already be aware of the damage these crimes can cause victims and their families. What you may not know is how to protect yourself from these attacks. Below you'll find ten steps that can help you minimize your chances of becoming another identity theft statistic.
1. Invest in a shredder – Never throw anything away without shredding it first. Identity thieves will dig through dumpsters and trash bags looking for credit card receipts, voided checks, paid bills, credit card offers, and other items that provide them with your personal information.
2. Mail everything from the post office – Leaving your outgoing mail in or on your mailbox is an invitation to have it stolen by an identity thief. Not only can they get all of your personal information from the check, but they can even alter the check and cash it themselves. Instead, drop it by the post office or another mailbox.
3. Use a post office box – Incoming mail is also a target for identity thieves. Your bills, checks, even junk mail can be used by these thieves to steal your personal information. If you have a post office box, then your mail will be delivered safely to that box.
4. Have a non-published phone number – Some identity thieves will also use the telephone in an attempt to get your personal information. For example, one scam involved a caller telling a person he or she had won a government grant that was going to be directly deposited into their checking account.
5. Check your accounts weekly – If you don't already, you need to get in the habit of checking the balances of all your financial accounts on a weekly basis. Waiting for monthly statements isn't good enough because by then, your account could have been completely drained.
6. Check your credit report yearly – Every year, you should request free copies of your credit report and check them for any errors, such as credit cards or loans you never took out. If you find out now that someone is using your identity, you can start correcting the problem before you need to use your own credit.
7. Memorize PIN numbers and passwords – Never write down your PIN numbers or passwords. No place is a safe place to keep these important pieces of information.
8. Keep only basic information on checks – Your checks should only include basic information about you, such as your name and address. Your social security number should never be printed on your checks. If it is, then you're basically handing over the keys to your identity to any thief who comes in contact with your check.
9. Eliminate unwanted credit card offers – Those credit card offers you throw away can be used by identity thieves.
10. Carry only necessities – Never carry anything in your purse or wallet that isn't necessary, such as extra deposit slips, social security cards, birth certificates, etc. The more personal information your purse or wallet contains, the more valuable it will be to an identity thief if it is lost or stolen.
11. Go electronic – Bank statements, most bills, and many other documents can all be viewed electronically, so you never have to worry about them being stolen out of your mailbox or your trash. Contact your financial institution, credit card companies, and utility providers about the availability of this option. As an extra bonus, many of these businesses offer incentives to individuals who sign up for these electronic programs.
While these steps can’t guarantee you won’t have a identity theft issue, it can help reduce the likelihood of having one.