If you’re looking for Cincinnati umbrella insurance we can help you.

Our office number is 513-662-7000 or you can begin the process of obtaining umbrella quotes by clicking on umbrella insurance.

Last week we discussed the importance of umbrella insurance. I shared a hypothetical coverage scenario where your 16-year-old son causes an accident resulting in a permanently disabling injury to another person and a subsequent liability judgment against yourself for $2 million.

Let’s assume for a moment that this is a real life situation.

What would happen to you financially if you were assessed a $2 million judgment and you did not purchase sufficient insurance coverage?  Many might assume that you simply need to file for bankruptcy, let’s discuss this very issue.

Why Filing Personal Bankruptcy May Not Relieve You of Judgments You Are Legally Responsible For

The bankruptcy system is set up to grant relief to those who essentially have gotten over their heads either because of debts or possibly some type of civil judgments.

Here’s the catch with personal bankruptcy declaration. A chapter 7 bankruptcy is liquidation and a chapter 13 is reorganization for personal bankruptcy.

A Chapter 7 liquidation bankruptcy essentially means that the court has the right to sell all of your liquid assets to satisfy the judgment.

So for instance let’s assume that you had $500,000 in a mutual fund which amounts to your entire life savings, and you are hit with that $2 million judgment.  Let’s further assume that you had $500,000 of coverage from your car insurance policy so $500,000 is paid by your insurance company leaving $1.5 million remaining.

The court could seize the $500,000 in your mutual fund essentially leaving you penniless to compensate the other person that you’re legally responsible to pay.

So if you believe that filing bankruptcy will help to relieve you of any large judgment assessed against you, you might want to reevaluate that idea.

The best way to cover that exposure is an umbrella insurance policy.

Cincinnati Umbrella Insurance Quotes Are Very Low Cost

Umbrella insurance quotes in Cincinnati depending on the company can be as little as $12 per month for a $1 million policy.  Are they worth the investment?  

Absolutely.

It’s too late to acquire coverage after the claim has happened and that’s why it’s important to work with a professional insurance agent that can help you find the appropriate insurance plan, so when you have a need for umbrella insurance in Cincinnati call the experts.

Contact Pathway Insurance at 513-662-7000 Four Cincinnati Umbrella Insurance Quotes

Are you looking for umbrella insurance in Ohio?  Umbrella policies may cover your family or your business.

Contact the insurance experts at 513-662-7000 to find the best umbrella insurance coverage in Cincinnati Ohio. 

Typically insurance companies will not allow a stand alone umbrella so it’s best to package your car, home, and umbrella with the same company.

To obtain a package quote including the umbrella quote click here.

What Is an Ohio Umbrella Policy?

An umbrella policy is simply extra coverage that sits on top of your base coverage provided by your car, home/condo/renters, boat, motorcycle, or ATV insurance.

Umbrella policies are secondary limits of liability that come into play when the underlying limits of liability have been exhausted.

Coverage Scenario: Your newly licensed 16-year-old son, because of a lack of experience causes a car accident and injures two people.  The first person suffered only minor injuries but the second person named Bobby was seriously injured and suffers a permanent disability due to the car accident and can no longer work at his profession.

Bobby files a lawsuit against you as the parent, seeking $2 million due to his injuries and his loss of employment income.  A judgment is assessed against you for $2 million.

This Is How the Umbrella Policy Coverage Applies

Let’s assume that the base limits of liability on your car insurance are $500,000. (Many companies require a minimum of $250,000 per person, $500,000 per accident coverage for liability insurance.  In this instance we’re assuming that the company required $500,000 in combined single limit liability coverage.)

So in this instance the $500,000 of base liability coverage on your car insurance policy goes toward the $2 million judgment and at that point your umbrella policy kicks in. 

If you have a $2 million umbrella insurance policy in Cincinnati, $1.5 million is paid from the umbrella making a $2 million payout.

Do I Really Need Umbrella Insurance in Cincinnati?

If a serious accident or claim occurs and you do not have umbrella protection you may be in serious financial jeopardy due to the fact that all of your personal assets can be taken from you to satisfy court order judgments that are levied against you.

We recommend policyholder seriously consider purchasing umbrella insurance to protect your financial assets.

Many believe that filing personal bankruptcy can absolve you of any liability claims in excess of your automobile limits of him liability is that true?

We will discuss that in our next article.

Cincinnati Umbrella Insurance Is Very Reasonably Priced for the Benefits

Keep in mind it’s best to have your car, home, and umbrella insurance with the same company in most instances.   Contact our agency today to obtain umbrella insurance quotes, please call 513-662-7000. Or to start the process online click on this direct link:  https://www.pathwayinsurance.net/best-car-insurance-rates-in-cincinnati/

Do I Really Need Umbrella Insurance in Cincinnati?

If a serious accident or claim occurs and you do not have umbrella protection you may be in serious financial jeopardy due to the fact that all of your personal assets can be taken from you to satisfy court order judgments that are levied against you.

If you believe that filing bankruptcy will help you if a large judgment is assessed against you, you might want to reevaluate that idea.

The court system will first take away all of your liquid assets to satisfy the judgment! So another words, if you had $500,000 in a mutual fund which amounts to your entire life savings, and a $1 million judgment is assessed against you, they will take your $500,000, every single penny! The court could write off the other $500,000, or set up a garnishment order against your future earnings.

Recent Example Where an Umbrella Insurance Policy Would’ve Come in Handy

A local police officer was severely injured by a person who hit the officer by accident and subsequently fled the scene. Later that person turned themselves in. The police officer sued for his injuries and was awarded $1.9 million. If this person did not have an umbrella insurance policy they would need to pay $1.9 million completely out-of-pocket!

Our Agency Can Find You Great Prices on Umbrella Insurance in Cincinnati

Call 513-662-7000 or send an e-mail to Jack@pathwayinsurance.net

What Is an Umbrella Insurance Policy?

An umbrella policy is simply an extra layer of insurance coverage that sits on top of your base coverage provided by your car, home/condo/renters, boat, motorcycle, or ATV insurance.

The umbrella insurance policy may be used when the underlying liability limits have been exhausted.

Let’s review an Umbrella Insurance Scenario:

Your newly licensed 16-year-old son, because of a lack of experience causes a car accident and injures two people. The first person suffered only minor injuries but the second person named Bobby was seriously injured and suffers a permanent disability due to the car accident and can no longer work at his profession.

Bobby files a lawsuit against you as the parent, seeking $2 million due to his injuries and his loss of employment income. A judgment is assessed against you for $2 million.

This Is How an Umbrella Insurance Policy Works

Let’s assume that your base coverage limits of your car insurance policy are $500,000. (Many companies require a minimum of $250,000 per person, $500,000 per accident coverage for liability insurance. In this instance we’re assuming that the company required $500,000 in combined single limit liability coverage.)

So in this instance the $500,000 of base liability coverage on your car insurance policy goes toward the $2 million judgment and at that point your umbrella policy kicks in.

If you have a $2 million umbrella policy, $1.5 million is paid from the umbrella making a $2 million payout.

Umbrella Insurance in Cincinnati Is Very Affordable.

If you’re considering an umbrella insurance policy in Cincinnati they are much more reasonable than you may think. A $1 million umbrella policy could cost you as little as $140 per year.  You can read this additional article on why umbrella coverage is important by clicking here.

Call 513-662-7000 to Speak with the Umbrella Insurance Experts in Cincinnati