PUP Insurance – Your Personal Umbrella Policy

Personal Umbrella Policy insurance

The PUP provides additional liability coverage over and beyond your auto or homeowner policy. If the liability on your auto policy isn’t enough to cover the damages from an accident you cause, or an incident on your property, the PUP kicks in. The PUP protects you when the liability on the underlying policies isn’t enough.

For example, what if you caused an accident and the other person sustained injuries which would incapacitate him or her and they couldn’t work. What if he or she was a surgeon and wasn’t able to return to work for six months. This person may sue you for loss wages and your personal assets would be at risk. But, if you have a PUP policy you would be insulated from a long unsettling litigation.

Many people have a… ‘that could never happen to me’ attitude. But, what if you have a teen driver in the household and he or she is driving to an event with other teens in the car and an accident occurs. You could be held financially liable. No one wants to find themselves in these worst-case-scenarios, but it may cause concern to you, and just learning about a PUP can educate you on how to prevent catastrophe loss.

To help you determine if you need a PUP, do an analysis of your current assets including investments, cash on hand, cars, retirement accounts and your annual income. As you know, the more money you make, the more vulnerable you would be to a suit. We are fortunate in Florida that your primary residence cannot be touched in a lawsuit. Then look at your exposures, young drivers, swimming pool, motorcycle, coach a youth team, or entertaining a lot. These would all increase your risk and enhance the value of a PUP.

If you still have questions, Rebecca wants to help. She would be happy to arrange a free consultation to discuss your options and help you understand how a PUP policy might be right for you. Contact Rebecca here for more information.