11 Reasons to Have an Umbrella Liability Policy
Be Wealthy & Smart
Linda P. Jones
4.8 • 883 Ratings
🗓️ 19 April 2019
⏱️ 22 minutes
🧾️ Download transcript
Summary
Learn why you should have an umbrella liability policy.
"Step 6 to Wealth" is to Protect Your Wealth. One way to do that is to purchase extra coverage called an umbrella liability policy.
Have a teenage driver? Sit on a non-profit board? Coach your child's athletics? Own a dog? Some of the reasons to have extra coverage may surprise you.
The article is here.
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Transcript
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| 0:00.0 | Be Wealthy and Smart, episode 553. If y'all know what I mean put your hands up and declare with me |
| 0:14.0 | Yeah, I'm full of bad time I'm gonna live a good life I'm gonna live the good life |
| 0:21.0 | a beautiful and glorious like Step into a world of wealth and wealth and financial freedom without budgets, boredom or bosses on be wealthy and Smart. And now here's your host, Linda P. Jones. |
| 0:37.0 | Welcome to Be Wealthy and Smart. I'm Linda P. Jones, America's Wealth Mentor. |
| 0:42.0 | Empowering women and Men Worldwide to Financial Freedom. |
| 0:45.6 | On today's show, we're going to talk about 11 reasons to get umbrella insurance. |
| 0:51.3 | Now, it's not often that I talk about insurance on the podcast because, well, |
| 0:56.8 | it's not usually one of the most interesting topics for me anyway, or probably for you |
| 1:01.5 | as well, but it's one of those things that you just |
| 1:04.6 | need to talk about because you need to own it. And I did mention this in |
| 1:10.4 | you're already a well-therist now think and act like one six practical steps to make |
| 1:15.1 | it a reality now my book on page 130 I did mention a personal umbrella policy. Here's what I had to say. |
| 1:25.0 | One of the best insurance investments you can make to protect your wealth is a personal umbrella policy. |
| 1:31.0 | Personal umbrellas provide substantial additional coverage |
| 1:35.5 | above your auto and homeowners insurance. For example, if you are sued for |
| 1:40.4 | one and a half million dollars due to a car accident and you have a 2 million dollar policy, |
| 1:46.0 | your auto coverage will pay the first 300,000 dollars and your umbrella policy would pay for the balance of 1.2 million. |
| 1:54.6 | The personal umbrella policy also covers some lawsuits for things like slander, libel, |
| 2:00.6 | defamation of character, rental property accidents, false arrests, mental anguish, freak |
| 2:06.5 | accidents, dog bites, and other damages. |
| 2:10.0 | Umbrella policies for 1 to 5 million dollars of coverage are common and cost only a few |
| 2:16.7 | hundred dollars per year a very smart investment. Be sure to consult your |
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