Rain, Sleet, Snow — and Lawsuits?

Icy winter walkways can lead to injuries and lawsuits. This week, Craig Siminski, of CMS Retirement Income Planning, shares an article that shows how an umbrella policy can offer higher liability coverage:

The winter months are a great time for entertaining. In many areas of the country, they can also be a time for icy sidewalks and slippery steps. Naturally, you should make every effort to help ensure that your house and the surrounding area are safe for guests. But no matter how careful you are, accidents can happen at any time of the year.

You might face increased risk if you have a dog, a swimming pool, a trampoline, teenage drivers, or employ workers in your home. Many states have social liability laws that could hold you responsible for an accident caused by guests drinking alcohol on your property.

Another Layer of Protection

American society is litigious, and some legal judgments seem excessive. Standard homeowners and auto insurance policies generally cover personal liability, but you may not have enough coverage to protect your income and assets in the event of a high-dollar judgment. That’s when umbrella insurance could be a big help, providing additional coverage, up to policy limits.

Typically, you can obtain $1 million in coverage for a couple of hundred dollars annually; higher coverage amounts can be even more cost-effective. Before adding umbrella insurance, however, you generally must purchase a …

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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 21 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.

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