Insurance Liability Policy

[skylar18]

Had my pool for two months and really getting into the swing of things. My son was going off to college and had a bunch of his friends over a couple of weeks ago. We have had a no diving policy and the kids adhered to that rule. However, every time time I heard the phrase "Hey watch this!" was followed immediately by single flips, double flips from the spa, from the fire pit, standing on shoulders, cannon balls, wrestling, etc, all the things any normal 18 year old newly graduated completely invincible feeling kid would do.

After about an hour of watching this with my heart in my throat I texted my insurance agent and increased the liability under my homeowners policy from $500K to a million bucks. My insurance agent suggested I get an umbrella policy as well. Do most people have that coverage as well when having a pool. I understand that the umbrella policy will cover anything that happens anywhere not just at my house like my homeowners policy.

I want to feel secure but I don't want to waste money by being over insured. Does anyone have any thoughts?

Thanks

 

[Blessedwithfivekids]

I have four teenagers and an umbrella policy. It was the only way I could sleep at night. You have to have all the cars and the home with the same agency. It also means my kids can't take a car to college so it was a double bonus for me!

 

[Donldson]

Umbrella policies are great as far as value to coverage. The reason being that since they don't kick in until your primary policy is exhausted, you will likely never use it, nor will the majority of people who have them, so they really are dirt cheap for the coverage offered.

You should have a sit down with your agent if you are considering one and find out what all it will and won't cover and any restrictions. In the right situations it is well worth the peace of mind.

 

[Speedo]

$1m umbrella policy is a good plan, $2m if you have lots of assets.

 

[Bluelilly]

I am an insurance agent and my recommendation to my clients is always purchase as much liability as your budget will allow. Even though there may be a small chance of a serious injury, the cost of that injury can be great. You may not be legally liable fo the injury; however, if it do go to court and they do find you negligent, you would want to have as much coverage as you can afford. Also, with Umbrella Policies, your company will work very hard to defend you. Umbrella Policies also cover your autos which in my opinion is of great value. In today's litigious society, we have to protect ourselves the best we can. Good risk management is to set firm rules around the pool. At our home, no diving off jump rock - if you do, you will not be invited back. I am the rules person at our house

 

[spidey07]

I am an insurance agent and my recommendation to my clients is always purchase as much liability as your budget will allow. Even though there may be a small chance of a serious injury, the cost of that injury can be great. You may not be legally liable fo the injury; however, if it do go to court and they do find you negligent, you would want to have as much coverage as you can afford. Also, with Umbrella Policies, your company will work very hard to defend you. Umbrella Policies also cover your autos which in my opinion is of great value. In today's litigious society, we have to protect ourselves the best we can. Good risk management is to set firm rules around the pool. At our home, no diving off jump rock - if you do, you will not be invited back. I am the rules person at our house

Agreed. A 1 mill umbrella is pretty cheap along with a 2 mill. I was able to lower the liability on my autos and get a 2 mill for not much per year. Considering what I COULD lose (everything I've worked my life for) if I didn't have that it was a no brainer.

On the topic of liability, my pool fence gate is always locked. If you happen to hurt yourself or die when I'm not there I'm not liable. Because you committed a crime if you got to the pool.

 

[skylar18]

Thank you all for your advice! With two teenage drivers, you guys convinced me to look into this. Of course my son is already at college with his car so I will have to see if that will impact getting an umbrella policy.

I also will put a padlock on my one gate that did not have one....that is great advice! I never worried about it because we had older kids, however we have a bunch of curious small kids on my street and I can see them sneaking in when we are not home.

 

[spidey07]

Thank you all for your advice! With two teenage drivers, you guys convinced me to look into this. Of course my son is already at college with his car so I will have to see if that will impact getting an umbrella policy.

I also will put a padlock on my one gate that did not have one....that is great advice! I never worried about it because we had older kids, however we have a bunch of curious small kids on my street and I can see them sneaking in when we are not home.

Oh heck yes! Put a lock on it and leave it locked. It doesn't have to be a super duper heavy duty lock, just something that has to be broken to gain entry. I have flexible cable bicycle locks, easily cut with large snips or rototool but again that's not your problem, you provided reasonable means to secure entry that must be destroyed or broken. That's very specific when it comes to the law and your liability. Then again, I live in KY and we don't take kindly to trespassin'

I didn't put much weight into insurance when I was younger, but in my 40s I realized I/we now have substantial assets to lose. You insure what you can't lose, and I can't lose 25+ years of my and my wife's very hard labor to acquire those assets. Given that, I now prefer to be over insured. The yearly cost isn't much compared to the potential loss. When my agent suggested an umbrella and the cost per year the next words out of my mouth "where do I sign?" (of course always read the fine print and discuss what's best for you)