MONDAY, JUNE 19, 2023
Your children mean everything to you, but you may not think of them as liability risks. Could they be? What if your child allowed your pet to get out of the home and someone was bitten as a result? What if your teen caused a car accident that left significant damage to another person's property? In these situations, you may be furious at first, but ultimately you'll likely be responsible for very costly mistakes. In these situations, you can turn to your insurance provider for support.
Do You Have Coverage?
In the event that your child causes a loss to another person or to another person's property, you may be held liable for those losses. This stems from the type of property you have insurance on. For example, if it’s your vehicle, your auto insurance liability plan is likely to provide coverage. If it’s a mistake related to homeowners insurance, that plan could provide protection. In nearly all cases, your family members that live with you are covered under your policies. It’s important, though, for you to communicate this with your insurance provider. They should know who lives with you to ensure they are listed on the policy from the start. 
But, Is That Enough?
Traditional liability insurance policies are very limited in how much coverage you receive. This is one of the main reasons many property owners are upgrading to umbrella insurance. This provides a higher level of liability insurance that extends beyond what your traditional plan covers. In most cases, this type of insurance can be very effective in helping you to overcome the losses you face due to a mistake your child makes.
Umbrella insurance may help you when the costs of the loss caused by your family member exceed the coverage limit of your existing liability insurance plan. In nearly all cases, a simple mistake, such as a car accident or a significant injury from a dog bite, can lead to costly insurance losses. With the help of an umbrella insurance policy, you can minimize these risks significantly and know that your insurance provider is there to cover the losses for you.
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It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
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