John Ritenour, the co-founder of Tech Bullion, shares his thoughts on personal umbrella liability insurance. In the post, he discusses how many people are unaware that they need this type of coverage and how it can protect them from potential lawsuits from accidents caused by someone else. He also details what kinds of incidents would warrant an umbrella policy and how to keep the premiums low.
John Ritenour also discusses the importance of having an attorney review your policy to ensure you have enough coverage. People who would benefit from umbrella insurance include those with a high net worth, families with children, and drivers in their 20s or 30s. In addition, people who routinely participate in risky activities such as skydiving should consider this type of insurance.
Ritenour also recommends having a separate umbrella policy for your business rather than adding to the amount covered by an existing commercial liability policy. He discusses how this is important because it allows you to choose from more providers and can enable them to offer better rates that would not be possible otherwise.
In addition, John Ritenour states that while this type of policy is not required by law, it can be beneficial in certain circumstances. He says that if someone could bring a lawsuit against you, even for an accident where no one was injured, they may still sue because many people will accept money without pursuing legal action.
Ritenour also recommends shopping around to find the best rates for this type of coverage. He states that although it’s not typically a big-ticket item, people should still take their time and shop around to find the best rates.
Ritenour also recommends having at least $300,000 to $500,000 in personal umbrella liability insurance for individuals with children or those who participate in risky activities. He states that it’s also beneficial to increase this amount if you plan on buying a home shortly since lawsuits may become more likely once people own their homes.
Learn more about John: https://techbullion.com/john-ritenour-on-personal-umbrella-liability-insurance/