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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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July 16th, CAI-GRIE Billiards Tournament
SEE PHOTOS
July 28-30, CACM Expo
Disneyland Convention Center
Who to look for? - Michael Berg, Kimberly Lilley and Marianne Pick
August 6th, CAI-GRIE Bowling Tournament
4:30 pm - Brunswick Classic Lanes
1800 Hamner Avenue, Norco, CA 92860
Who to look for? - Michael Berg, Kimberly Lilley and Marianne Pick
August 10th, CAI-GRIE Luncheon
11:00 am - Riverside Convention Center
3443 Orange Street, Riverside, CA 92501
Who to look for? Kimberly Lilley and Marianne Pick
August 12th, CAI-OC Luncheon
11:30 am - Irvine Marriott
18000 Von Karman Ave., Irvine, CA 92612
Who to look for? Michael Berg, Kimberly Lilley and Marianne Pick
August 16th, CAI-GLAC Golf Tournament
8:00 am - Braemar Country Club
4001 Reseda Blvd., Tarzana, CA 91357
Who to look for? Michael Berg
August 25th, CAI-GLAC Luncheon
11:30 am - Skirball Center
2701 North Sepulveda Boulevard, LA, CA 90049
Who to look for? - Kimberly Lilley
August 27th, CAI-SD Luncheon
11:00 am - DoubleTree Mission Valley
7450 Hazard Center Drive, San Diego, CA 92108
Who to look for? - Michael Berg and Kimberly Lilley
September 10, CAI-SD Morning Program
8:30 am, Courtyard by Marriott
8651 Spectrum Center Blvd San Diego, California 92123
Who to look for? - 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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