DeNooyer Direct Insurance Services, LLC

2038 Central Avenue
Albany, NY 12205

Insurance Blog

Situations that Call for Umbrella Insurance

Life in upstate moves a little slower than in New York City, but even in Albany, NY, you need insurance that protects your livelihood. DeNooyer Direct Insurance Services LLC wants you to understand how adding an umbrella policy to your home insurance coverage can help you protect your investment.

Three categories of people benefit the most from an umbrella policy:

  • High net worth individuals
  • Retired individuals who are community volunteers
  • Owners of high-risk recreational equipment

Those with a high net worth can become targets for unscrupulous behavior. They also often serve on the boards of non-profits or companies. They host fundraisers or other large-scale events at their homes. This opens them to liability beyond what their homeowners’ insurance covers. Any slip and fall accident at their hosted event can quickly exceed the HO-1 cap for liability since the individual may sue for both medical bills and lost wages. The injured party likely earns in the same tax bracket as the high net worth individual that quickly exceeds the cap.

Similarly, retired individuals often serve on boards and volunteer. The umbrella policy provides additional liability coverage to cover what the cap on the HO-1 policy does not. While an employed individual’s settlement to an injured party can garnish their wages to pay the amount not covered by the home policy cap, the retired individual must use their available funds – their retirement funds – to pay the difference.

Regardless of your age, you need umbrella insurance if you own a swimming pool, all-terrain vehicle, dune buggy, go-carts, motorcycle, jet ski, or boat. Any accident involving any of these items that cause injury to another person or their property can cause you to exceed the cap on the HO-1 liability coverage. That results in you dipping into savings, retirement funds, or having your pay garnished to pay the injury or property settlement.

Let DeNooyer Direct Insurance Services LLC, serving Albany, NY, help you better protect your finances. DeNooyer can offer you the umbrella insurance you need to protect yourself. Call us today to discuss your needs and get started.

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