{"id":3711,"date":"2019-12-24T09:07:55","date_gmt":"2019-12-24T14:07:55","guid":{"rendered":"https:\/\/keysolutions.us\/blog\/?p=3711"},"modified":"2019-12-24T09:07:56","modified_gmt":"2019-12-24T14:07:56","slug":"get-your-umbrella-policy-before-disaster-strikes","status":"publish","type":"post","link":"https:\/\/keysolutions.us\/blog\/get-your-umbrella-policy-before-disaster-strikes\/","title":{"rendered":"Get Your Umbrella (Policy) Before Disaster Strikes"},"content":{"rendered":"\n

Umbrella Policy Is Helpful When You Are Sued and the Dollar Limit of your Original Policy has been Exhausted <\/strong><\/p>\n\n\n\n

Background<\/strong><\/p>\n\n\n\n

If you are sued and the dollar limit of your homeowner\u2019s or general liability policy coverage has reached its coverage limit, an umbrella insurance policy can be used to cover the liability gap coverage. An umbrella policy is most useful to individuals who own a lot of assets or very expensive assets and are at a significant risk of being sued. Some umbrella policies may even include coverage outside of your primary insurance policy.<\/p>\n\n\n\n

How Much Coverage Do You Need?<\/strong><\/p>\n\n\n\n

This question\nshould be posed to your insurance agent. Agents\noften say that you should have enough coverage to protect the value of your\nassets and you do not wish to see your estate decimated. In a litigious society, knowing your\nassets are insulated from lawsuits helps add to your peace of mind. Coverage protects\nyourself from devastating financial loss because of unforeseen events.<\/p>\n\n\n\n

Typical umbrella policies range between $1 million to $5 million. <\/p>\n\n\n\n

Does Umbrella Insurance Cover All Incidents?<\/strong><\/p>\n\n\n\n

This question should be posed to your insurance agent as to what is not covered. As with any insurance policy, there are typically exclusions for certain type of activities (e.g., using your vehicle for racing or vehicles exceeding a certain weight limit).  <\/p>\n\n\n\n

Will Umbrella Insurance Cover My Business?<\/strong><\/p>\n\n\n\n

An umbrella policy is a form of personal insurance, so it won’t protect you from lawsuits related to a business you own. Discuss with your insurance agent what type of insurance policies are available to protect your business.<\/p>\n\n\n\n

Is Umbrella Insurance Expensive?<\/strong><\/p>\n\n\n\n

Generally, umbrella insurance is not expensive. If purchased from the same carrier that insures your auto or home, reduced premiums may be available. <\/p>\n\n\n\n

Planning Tip #1<\/strong>: <\/p>\n\n\n\n

Periodically review with your insurance agent(s) that your life, health, disability, umbrella and property insurance policies have enough coverage and that the premium being charged is reasonable. <\/p>\n\n\n\n

Planning Tip #2<\/strong>: <\/p>\n\n\n\n

Periodically review your living and estate plan with your legal and tax professionals. <\/p>\n\n\n\n

<\/p>\n\n\n\n

If you would like to discuss your business or personal tax planning<\/a>, tax preparation<\/a> and other financial concerns with an experienced tax professional, we invite you to call 610-594-2601<\/a> today to make an appointment at our Exton PA CPA office<\/a> to discuss your situation. You can also schedule a consultation at Click Here<\/a>. <\/p>\n\n\n\n

Copyright \u00a9 2019 Keystone Financial Solutions, Inc.  All rights reserved. <\/strong><\/p>\n\n\n\n

BE SURE TO READ THE DISCLAIMER PAGE: Tax laws, IRS rules and regulations change frequently<\/strong>. Although we hope you’ll find this information helpful, this blog is for educational purposes only and should not be considered as the rendering of tax, legal or investment advice. The publisher shall not assume liability for any losses, injuries, or damages from the display or use of this information.<\/strong><\/p>\n\n\n\n

About F. Bryan Haarlander, EA, CTRS:<\/strong><\/p>\n\n\n\n

Bryan\nHaarlander is an IRS licensed Enrolled Agent and who owns and operates a\nspecialized tax services firm serving clients in the western suburbs of\nPhiladelphia, PA, which includes the cities of Chester Springs, Coatesville,\nCollegeville, Devon, Downingtown, Exton, Frazer, King of Prussia, Paoli, Philadelphia,\nPhoenixville, Pottstown, Radnor, Reading, Wayne, West Chester in Berks,\nChester,  Delaware, Montgomery and\nPhiladelphia Counties, as well as clients in Delaware, New Jersey, New York and\nthroughout the continental USA. <\/p>\n\n\n\n

A Certified Tax Resolution Specialist, Bryan is well-known for his IRS tax resolution expertise and his book How to Resolve Your IRS Tax Debt Problems. <\/strong><\/a><\/em><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Umbrella Policy Is Helpful When You Are Sued and the Dollar Limit of your Original Policy has been Exhausted Background If you are sued and the dollar limit of your homeowner\u2019s or general liability policy coverage has reached its coverage limit, an umbrella insurance policy can be used to cover the liability gap coverage. An […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[57,58,9],"tags":[132,69,73,63,33,34,21,64,71,31,72,66,23,41,65,32,40,39,67,68,38,70,151,37,36,35,150,42,28],"class_list":{"0":"post-3711","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business-strategies","7":"category-insurance-needs","8":"category-wealth-preservation-strategies","9":"tag-accuracy-related-penalty","10":"tag-audits","11":"tag-bankruptcy","12":"tag-bryan-haarlander","13":"tag-chester-county-cpa","14":"tag-exton-accountant","15":"tag-exton-cpa","16":"tag-f-bryan-haarlander","17":"tag-first-time-abatement","18":"tag-frank-haarlander","19":"tag-innocent-spouse","20":"tag-installment-agreements","21":"tag-irs","22":"tag-irs-tax-debts","23":"tag-irs-tax-payments","24":"tag-keystone-financial-solutions","25":"tag-offer-in-compromise","26":"tag-oic","27":"tag-partial-installment-agreements","28":"tag-penalty-abatement","29":"tag-philadelphia-cpa","30":"tag-reasonable-cause","31":"tag-tax-adviser-near-me","32":"tag-tax-blog","33":"tag-tax-expert","34":"tag-tax-planning","35":"tag-tax-professional-near-me","36":"tag-tax-resolution","37":"tag-west-chester-cpa","38":"entry"},"aioseo_notices":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9W9tf-XR","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/posts\/3711","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/comments?post=3711"}],"version-history":[{"count":17,"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/posts\/3711\/revisions"}],"predecessor-version":[{"id":3751,"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/posts\/3711\/revisions\/3751"}],"wp:attachment":[{"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/media?parent=3711"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/categories?post=3711"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/tags?post=3711"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}