The Importance of Umbrella Insurance for High-Net-Worth Households

At the Marla Williams Agency, which serves all of Kansas, we have noticed that households with high net worth often need umbrella insurance policies. Juries frequently levy significant awards against affluent individuals in negligence cases.

What are the Possible Situations that Can Lead to Large Jury Awards?

Several scenarios could potentially lead to significant jury awards against affluent individuals: – Your child may cyberbully another child online, and the child’s parent might sue you. – A dinner party at your house with numerous guests can lead to an accident, such as someone slipping on an iced surface. – Involvement in a high-speed crash after having had a few too many drinks can result in injuries or death of the other driver. While ordinary homeowner or auto insurance policies can cover you in these situations, you should confirm this coverage with your agent at the Marla Williams Agency. However, these policies could potentially have a limit as low as $500,000 in Kansas.

Need for Umbrella Insurance

You can acquire umbrella insurance that protects you for jury judgments up to $5,000,000, but remember, Kansas juries sometimes award more than that. To circumvent the devastating financial consequences of a significant jury award, you must have an umbrella insurance policy tailored to your unique needs. We at the Marla Williams Agency are here to help you find the right policy, one that can offer you protection upwards of $100,000,000.

Umbrella insurance becomes crucial if you sponsor charity or political events at your home, serve on boards of directors, rent your home for special events, own a personal athletic facility or swimming pool, or hire butlers, nannies, maids, or gardeners. Furthermore, households with teenagers need coverage for joint and several liabilities. This could mean that aggrieved parties can come after your wealth, even if other teenagers are also at fault in an incident alongside your child.