Vail Daily column: It’s not raining, but you need an umbrella |

Vail Daily column: It’s not raining, but you need an umbrella

Kathy Schaub
My View

Here’s the latest question and answer from the experts at Wall Street Insurance:

Question: Do I really need a personal umbrella policy?

Answer: Yes. If you own or rent your residence, own a car, own a recreational vehicle, post comments online or entertain at your home, then you should have an umbrella policy.

An umbrella policy is an inexpensive way to protect your current assets and future earnings, and contrary to popular belief, it is not just for wealthy individuals. This coverage will apply when the underlying liability limits on your home or auto policy have been exhausted to cover your personal liability exposures.

An umbrella policy may also protect you from the legal costs relating to libel or slander and pay for legal defense outside other policy limits. In addition, it offers worldwide coverage.

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In today’s litigious society, juries are awarding larger amounts of money than ever before, many running into the millions. An umbrella policy can offer additional limits of $1 million to $50 million of liability protection.


In a matter of minutes, an unfortunate accident and resulting lawsuit could cost you dearly. You could have to pay for someone’s medical expenses, any property damages, lost wages, pain and suffering, attorney fees and more. Without the added protection of an umbrella policy, your property, savings, investments and income could be at risk.


Consider the following claim examples:

• You rear-end a vehicle at a stop sign and the driver in the car you hit suffers a serious injury that prevents them from returning to work.

• While skiing or snowboarding, you run into someone, causing a significant injury.

• When entertaining at your home, a friend falls off your deck due to a loose hand railing and becomes seriously injured or paralyzed.

• Your teenager posts disparaging and false remarks against one of their teachers online. The teacher sues you, the parents, for personal injury.

Kathy Schaub is a personal lines agent with Wall Street Insurance Inc. in Edwards. The Wall Street Insurance team of highly specialized agents has been serving the insurance needs of the community and vacation owners for the past 31 years. Call Wall Street Insurance at 970-926-4900 with any of your insurance questions or send an email to

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