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Jackie Colson-Miller

Jackie Colson-Miller, CIPS
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Personal Liability Insurance…Why Homeowners Need An “Umbrella” Policy?

The Latest News on the Tampa Real Estate Market and Everything You need to know about buying a house in Tampa, every day…

Another article in my series on Florida Insurance Issues

Commonly known as an Umbrella Policy , Personal Liability Insurance kicks in after the limits on your Homeowners Insurance, Auto Insurance or Boat Insurance have been reached.

For the purposes of Real Estate, we will just discuss the implications to a homeowner.

Suppose your dead tree falls over the property line and onto your neighbors home, causing $500,000 worth of damage. Or, someone is injured, or an uninsured workman (do you check for insurance coverage when you hire your lawnman?) is injured, or killed, while on your property. Or, you have a party for your child and one of the guests falls off the swingset and is paralyzed.A lawsuit could result in hundreds of thousands, or millions of dollars in damages. Without an Umbrella policy, you may be responsible for the payment.

With the cost of a One Million dollar Umbrella Policy averaging between $200 300 per year, few homeowners can afford NOT to buy it!

Call your insurance agent today!

I can help with your move to any Tampa neighborhood, including: South Tampa, Harbour Island, Davis Islands, Beach Park, Sunset Park, Hyde Park, Channelside, Culbreath Isles, Palma Ceia, Westchase, Waterchase, Odessa, Cheval, Avila, Brandon, Riverview, FishHawk, New Tampa, Tampa Palms, Hunters Green, Arbor Greene, Apollo Beach, South Shore, MiraBay, Golf Communities, Waterfront Homes, Luxury Homes in Tampa, Condos in Tampa and International Real Estatecontact me!

Graphic courtesy of MSN.com

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7 Responses to “Personal Liability Insurance…Why Homeowners Need An “Umbrella” Policy?”

  1. Isn’t there some responsibility that the person on your property has to take. If they are pushing there own child in the swing and the kid falls out when they push to hard how is that your fault? If a lawn service person hits his head on a branch is that your fault? He should have been paying attention.
    I guess is the cost is as little as you say then why not. It would be the same as buying a flood policy even if you are not in a flood zone.

  2. Nathan..A swingset could be what is considered “an attractive nuisance”…any injury on your property could result in a lawsuit, which means thousands of dollars in legal bills, not to mention the award of any judgement.

    Flood insurance is my next topic…watch for it!

  3. Personal Liability Insurance…Why Homeowners Need An “Umbrella” Policy?…

    Great post. Thanks! I’ll add a link to your post….

  4. Jeff Long says:

    Excellent article but scary…. we are always bombarded with insurance and why we need it, auto, life, health, homeowners, legal, etc….. they get you by reminding you that if you fail to have insurance, here is what could happen. I have to agree, the umbrella policy is not expensive, but the $300K deductible is. Here are 2 other options.

    1. Post a no trespassing sign, and anyone who steps on your property must sign a hold harmless disclosure.

    2. CUT DOWN all trees and replace the lawn with concrete; REMOVE of the pool, the swings, the kids and the pets; STOP smoking, drinking, and driving completely; REDUCE activities such as showering so you don’t slip and fall; AVOID breathing and drinking the water; and you should be able to eliminate all insurance completely.

  5. Jackie………excellent article. I have an umbrella policy that I purchased last year when I purchased my first rental property. I was obviously concerned with my exposure in case someone was injured on my property. I really hadn’t considered the potential exposure that could occur in my own home.

  6. Jay Doty says:

    Jackie- Thanks for the inexpensive way to become more financially secure. I just got a fairly generic quote for $346/yr and I heard $280/yr earlier this AM as well for 1M so it sounds like you were right in the ballpark with your projected cost. My preferred agent explained as with most insurance policies, the final premium is determined by several variables from zip code to “# of exposures” within a household to IF the policy comes with or without excess uninsured motorist protection (which my agent suggested would add another few hundred dollars to the policy per yr and wasn’t a fan of this add on), etc. I am submitting a formal application to him soon for my official quote, thanks again!

  7. Jennifer Miller says:

    Great article. I have had an umbrella policy for over 8 years now and feel the $320 I pay to cover 4 properties and 2 cars is worth every penny. There are too many sue happy people out there.

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