What’s Your “Whether” Forecast?

Umbrella Insurance

Whether you call it a Bumpershoot, Brolly, Gamp, Parasol or Parapluie… before you can determine if you need a personal Umbrella policy, it’s important to understand exactly what umbrella coverage is, how it works and how much it costs.

What Is Umbrella Insurance?

Personal Umbrella Insurance is extra liability insurance designed to help protect you from claims and lawsuits beyond your standard policy limits. It also covers claims that may not be covered under your other liability policies, such as false arrest, imprisonment or slander.

What Does An Umbrella Policy Cover?

An umbrella insurance policy can cover a number of situations, for example if a guest in your home falls down a flight of stairs and is seriously injured, you may be liable for the medical costs, plus a lawsuit if you are sued as a result of the accident. Your personal liability insurance will cover these costs up to your policy limits, but if the medical bills and legal fees are greater than your coverage limit, you are then responsible for paying that amount out of pocket. However, if you have personal umbrella insurance, it will kick in and cover the extra payments.

While you may not believe your particular lifestyle warrants additional coverage, the truth is, you just never know when a significant accident or situation could arise. If you find yourself in the middle of a lawsuit, your savings, assets, and even retirement funds could be at risk. Knowing you have the coverage and protection you need to avoid a future of financial headaches could be well worth it.

Umbrella Insurance

Benefits of Having Personal Umbrella Insurance

Now that you’ve had a refresher on what umbrella insurance is and how it works, you may find that having supplemental protection is the right fit for you. Here are some other advantages:

    • Serves as additional coverage – Umbrella insurance will only kick in once you have exhausted coverage from your other liability policies. If you are found to be responsible for $400,000 in damages due to an accident in your home, but your homeowners insurance only covers $300,000, your umbrella policy will cover the $100,000 difference.
    • Provides protection for your assets – Without umbrella insurance, the court could go after your assets or your personal property to cover damages associated with an accident.
    • Affordable – Personal umbrella coverage is typically low in cost, providing you with the peace of mind you deserve at a price you can afford. Many find that being financially prepared to deal with an unexpected circumstance makes up for the extra cost.

How Much Is Umbrella Insurance?

The cost of umbrella insurance policy varies depending on the amount of coverage you need to adequately cover your assets. Call us at 401-846-9629; let’s look at your personal “whether” forecast together and discuss the level of umbrella coverage that’s right for you.

Source: Nationwide®

Who Needs An Umbrella Policy?

Who Needs Umbrella Insurance?

The sun was shining this morning, but now the sky is overcast and you hear a distant rumble of thunder… aren’t you glad that you listened to the weather forecast and grabbed your umbrella on the way out the door? Remember the time you didn’t? We’ve all been there…

It’s same with adding Umbrella Liability to your Insurance Coverage… when the time comes that you need it you’ll be very glad to have it! Read More

10 Questions

Change Ahead, Homeowners and Renters Insurance

As your family, home and career status change, it is crucial that your insurance reflect these changes in your coverage.

We are here to help YOU with a FREE Policy Review.

First, please consider the 10 questions below. Then give us a call at 401-846-9629 to book a convenient appointment by telephone or at either of our two offices. Following our discussion, we will present you with the very best options at the most cost-effective prices. In fact many of our clients enjoy lower annual premiums based on updated information and our customized recommendations.

  1. Have You Gotten Married or Divorced?
    Auto Insurance: Couples may have 2 cars with 2 different underwriters, we’ll find the best combination of price and service for both of you.
    Homeowners Insurance: If you are merging 2Newly Wed Couple households, adjustments will be needed as well as increased coverage for new valuables received such as wedding gifts and jewelry including engagement and wedding rings.
    Life Insurance: If both spouses are working, couples often make financial commitments based on both incomes so the loss of one spouse’s income due to death or disability could be financially devastating without adequate insurance.
    Conversely, if you were divorced last year, you will likely need separate auto and homeowners policies going forward.
  2. Have You Had A Baby?
    Life Insurance & Disability Income Protection: If you have recently added a child to your family whether by birth or adoption, it is important to review your coverage. If you are planning for your life insurance to match your survivors’ expenses after your death, the new child will no doubt add to those expenses, requiring more life insurance to keep your family secure. If you plan to save for your child’s college education, life insurance can assure completion of that plan. And if you keep your current life insurance policy, don’t forget to update the beneficiary designations to include the new child.
  3. D.F. Dwyer Automobile InsuranceDid Your Teenager Get A Driver’s License?
    Auto Insurance: It is generally cheaper to add your teenagers to your policy than for them to purchase their own. If they are going to be driving their own car, consider insuring it with your company so you can get a multi-car discount. And choose the car carefully—the type of car a young person drives can dramatically affect the price of insurance. You and your teens should choose a car that is easy to drive and would offer protection in the event of a crash. Also, encourage your kids to get good grades and to take a driver training course. Most companies will give discounts for getting at least a “B” average in school and for taking recognized driving courses. If your teenagers move at least 100 miles from home—for example, to go to college—you can get a discount for the time they are not around to drive the car (assuming they leave the car at home).
  4. Have You Switched Jobs or Experienced A Significant Change in Your Income
    Life & Disability Insurance: In the case of an income increase, you may additional financial commitments that your survivors will depend upon. If your income decreased, you may want to reduce your life insurance premiums. Term life insurance is a good option, as the premium rates are very reasonable. And if you already have two or more policies you might be able to replace both with a single policy at a lower rate because you may reach a “milestone” amount of insurance. However, don’t drop existing life insurance until after you have a new policy in place!
  5. Dwyer Insurance for Home RenovationsHave You Done Extensive Renovations On Your Home?
    Homeowners Insurance: If you have made major improvements to your home, an increase in the value of the structure of the home may require an increase to your coverage limits. Don’t overlook the added value of new outdoor structures, furniture, exercise equipment or electronics– keep receipts and add any new items to your home inventory.
  6. Have You Decided To Buy A Second Home?
    Homeowners & Flood Insurance: If you are searching for a vacation home or a second home you might retire to, make sure you research the availability and cost of homeowners insurance before you commit to the purchase. The very factors that make a vacation home seem ideal, whether it is a waterfront property or a mountain retreat, can often introduce risks that make it costly and difficult to insure, such as proximity to the coast and the likelihood that it will be vacant for long periods of time.
    In the event you have already bought a vacation home, don’t skimp on the insurance. The risk of theft or disaster is just as significant, if not more so, in a second home as in your primary residence. If your new property is close to the water, be sure to ask us about flood insurance options.
  7. D.F. Dwyer Insurance endorsement for valuablesHave You Acquired Any New Valuables Such As Jewelry, Electronic Equipment, Fine Art, Antiques?
    Endorsement / Floater: A standard homeowners policy offers only limited coverage for highly valuable items. If you have made purchases or received gifts that exceed these limits, you should consider supplementing your policy with a floater or endorsement, a separate policy that provides additional insurance for your valuables and covers them for perils not included in your policy, such as accidental loss. Before purchasing a floater, the items covered must be professionally appraised. Keep receipts and add the new items to your home inventory.
  8. Have You Signed A Lease On A House or Apartment?
    Renter’s Insurance: Your landlord is responsible for insuring the structure of the building, but not for insuring your possessions—that is up to you. If you want to be covered against losses from theft and catastrophes such as fire, lightning and windstorm damage, renters insurance is a good investment. Like homeowners insurance, renters insurance includes liability, which covers your responsibility to other people injured at your home, or elsewhere, by you and pays legal defense costs if you are taken to court.
    Regardless of whether you are a renter or an owner, you will have the following options when it comes to insuring your possessions:
    • Actual cash value pays to replace your home or possessions minus a deduction for depreciation.
    • Replacement cost pays the cost of rebuilding or repairing your home or replacing your possessions without a deduction for depreciation.
    Think carefully about what your financial position would be in the aftermath of a disaster, and make sure you have the type of policy that is right for you.
  9. Have You Joined A Carpool?
    CarpoolAuto / Liability Insurance: If you are a frequent carpool driver, whether it is to work, or ferrying kids to school and other activities, your insurance should reflect the increased risk of additional passengers in the automobile. Check with your insurance professional to make sure your coverage is adequate.
  10. Have You Retired?
    If you commuted regularly to your job, in retirement your mileage has likely plummeted. If so, you should report it to your auto insurer as it could significantly lower the cost of your auto insurance premiums. Furthermore, drivers over the age of 50-55 may get a discount, depending on the insurance company.

Despite what you might think an insurance review doesn’t have to be an involved, time-consuming endeavor. After a FREE POLICY REVIEW with us, we are confident that you will enjoy the peace of mind that comes with customized insurance coverage for you, your family, home, auto and all of your possessions. Additionally, many of our clients benefit from lower annual premium costs with our custom options!

Call us at 401-846-9629 to schedule your FREE 2020 Insurance Review today.

some content: iii.org

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