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Umbrella Liability Policy
There are several myths that surround an umbrella liability policy. Some of them are – it’s only meant for the rich, the premiums can burn a hole in your pocket, and coordinating it with your existing insurance can be quite complicated. Well, all of these myths are incorrect. An umbrella liability policy is quite affordable and can be easily coordinated with your existing insurance policies.
An Umbrella liability policy gets its name because it acts like an umbrella, and sits on top of your auto and homeowners liability policies to provide extra protection. Now, let’s imagine that you’re sued under your auto insurance policy, or you are held liable for an accident that happens in your house. Most auto and homeowners policies have some liability insurance that can be used to settle legal claims. But do you have enough liability insurance from your current policies to cover your costs for negligence? How will you settle a claim of $800,000 when you only have $300,000 of liability insurance? In such a case, an umbrella liability policy can cover the liability and pay on top of what your basic policies will pay.
Apart from monetary coverage, an umbrella liability policy also offers you psychological comfort. You can rest assured that in the event of a mishap, you will be covered, and even though your current insurance may not cover the liability, the umbrella liability insurance will kick in and you won’t have to scramble around for money.
There are also personal liability umbrella insurance policies which give you added liability protection with little additional cost. Additional liability insurance is often quite reasonable, especially when you compare it with the added advantages it provides. In addition to this, a personal umbrella liability policy covers your non-business activities anywhere in the world. This is a coverage that you should consider seriously when shopping for your insurance policy. |
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November 10th, CAI-OC Luncheon
11:00 am, Irvine Marriot
Who to look for? Michael Berg, Kimberly Lilley & Marianne Pick
November 12th, CAI-GLAC Casino Night
6:00 pm, Sportsmen's Lodge Studio City
Who to look for? - Kimberly Lilley
November 16th, CAI-GLAC Luncheon
11:30 am - Skirball Center Los Angeles
Who to look for? Kimberly Lilley
November 17th, CAI-GRIE Luncheon
11:00 am, DoubleTree Ontario
Who to look for? Marianne Pick
December 2nd, CAI-GLAC Holiday Happy Hour
4:00 pm, Bel Air Crest Country Club
Who to look for? Kimberly Lilley
December 6th, CAI-OC Holiday Toy Drive
5:30 pm, Andrei's Irvine
Who to look for? Michael Berg
December 8th, CAI-GRIE TOPS Breakfast
8:15 am, Riverside Convention Center
Who to look for? Kimberly Lilley & Marianne Pick
December 9th, CAI-SD Awards Luncheon
11:00 am, DoubleTree Mission Valley
Who to look for? Kimberly Lilley & Bridgette Tabor
December 14th, CAI-GLAC Luncheon
11:30 pm, Skirball Center Los Angeles
Who to look for? Kimberly Lilley
December 15th, CAI-OC Luncheon
11:00 am, Irvine Marriott
Who to look for? Michael Berg, Marianne Pick & Kimberly Lilley
BERG PHOTO GALLERY
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Common Interest Developments
There has been some discussion of revised Fannie Mae guidelines with respect to community associations. This discussion has brought confusion, and I hope to provide some clarity to the issue.
Fannie Mae presented Announcement 08-34 on December 16, 2008 titled “Project Eligibility Review Service and Changes to Condominium and Cooperative Project Policies.” Among the many items included in this Announcement are general policy changes regarding project eligibility requirements, and condominium association project insurance clarifications. More…
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