Winter in Massachusetts and throughout the Northeast means an increased risk of weather-related injuries and accidents on the roadways. In fact, according to the Federal Highway Administration (FHWA), “over 70% of U.S. roads are located in snowy regions, and 24% of weather-related vehicle crashes occur on snowy, slushy or icy pavement, causing over 1,300 deaths and 116,000 injuries each year.” In addition to inclement weather accidents, the holiday season can bring a rise in liability lawsuits due to holiday parties. What if you’re involved in an accident and the basic liability coverage provided by your home and auto insurance issn’t enough? Protect yourself from risks in winter and throughout the year, with personal umbrella insurance.
What is Umbrella Insurance?
Personal umbrella insurance (sometimes referred to as excess liability), offers an added layer of liability protection beyond that of your home and auto policies. After reaching the limits on your existing policies, this supplemental coverage helps pay for legal, defense costs and court settlements if you’re found at-fault for another person’s property damage or injuries, or if you’re involved in an accident with an uninsured/underinsured person.
Umbrella insurance generally offers much higher coverage limits than standard homeowners’ or auto insurance. A basic umbrella insurance policy starts at $1 million in liability coverage and can be extended to $5 million or higher in certain cases. Umbrella insurance is also surprisingly affordable. A $1 million policy can cost less than $300 annually. Keep in mind that umbrella insurance is a supplemental policy and you must have existing home, renters and/or auto insurance policies in order to purchase one.
Lawsuits are on the rise and even the smallest accident can result in medical expenses and court costs in the tens of thousands if not more. Umbrella Insurance helps ensure you won’t be left paying those costs out of pocket, which could jeopardize your financial stability. Consider the following winter related scenarios:
- Each year you host a Christmas Eve party for family and friends. You don’t notice one of the party guests having a little too much of the signature cocktail you’re serving. He decides to drive himself home and causes an accident. As the host of the party and the one supplying the alcohol, you are partially responsible for the resulting accident and are taken to court for the medical expenses and property damage incurred by the parties involved in the crash.
- You’ve been crushing your holiday shopping and Amazon Prime visits your door every few days. Attempting to deliver a package the delivery driver slips on your icy driveway and breaks his leg in three places. The judgement against you is $1 million for his medical bills, but your homeowners’ insurance only provides for $500,000 in liability coverage. Without a personal umbrella policy, you’d be left paying the remaining $500K out of your own pocket.
- Your son and his friend are trying out the new Red Rider BB Guns they got for Christmas in your backyard. Your son slips on snow and ice while firing at a target, and accidentally shoots his young friend in the face with a BB. He nearly shoots his eye out! His parents sue you for the resulting hospital bills, plastic surgery, and emotional distress.
- You’re driving on an icy road when another driver hits a patch of black ice and strikes your vehicle at a high speed. The driver who hit you is uninsured. You require a MedFlight to the hospital and the crash leaves you with lasting nerve damage. Because you’re prepared with Excess Uninsured/Underinsured motorist coverage on your personal umbrella your policy pays you the full amount of the policy limit and covers your medical expenses.
Winters in Massachusetts and across the New England states can bring with them added risk. From the liability of hosting holiday gatherings, to weather-related damage and injuries that can occur, the colder winter months highlight the many benefits of a personal umbrella insurance policy. Help minimize your risk by taking proper care of your home and prioritizing safety for your guests, and by investing in the proper amount of liability insurance coverage.
The standard liability coverage limits provided by your home’ and auto insurance may not adequately cover exorbitant medical bills or a catastrophic lawsuit. Supplementing your existing policies with a personal excess umbrella policy is a good idea any time of year, but especially in winter.
The experienced Account Managers in McSweeney & Ricci’s Personal Lines department will tailor coverage to your specific risk exposures, provide you with advice you can trust, as well as superior service. Get the peace of mind you deserve with a personal umbrella insurance policy.
McSweeney & Ricci has provided home, condo, car, boat, umbrella insurance as well as business insurance to thousands of individuals and families throughout Massachusetts and New England for over fifty years. When it comes to insurance, how do you know what you need? Let the experienced professionals at McSweeney & Ricci provide you with insurance protection, great service and advice you can trust. For more information request a complimentary quote here on our website or call us at (844) 501-1359.
Sources:
Your Clients Need Personal Umbrellas in Winter – Two for Tuesday (independentagent.com)
Umbrella Insurance Policy Coverage and Quotes | Travelers Insurance
Massachusetts Personal Umbrella Insurance (safetyinsurance.com)
