Reasons Parents of Teens Need Umbrella Insurance

Posted on by AgentInsure

Raising teens isn’t easy or cheap. However, many parents fail to see the increased liability risk associated with creating responsible young adults, which can eventually hurt them financially.

Umbrella insurance—which is designed to go above and beyond your normal homeowner’s liability coverage—is one way to protect against this. Our Insurance Solutions Inc. team has compiled this list of three reasons why parents of teens need umbrella insurance.

Reason #1: Increased Accident Risk

Statistics show that the most dangerous time to be a driver on the road is between the ages of sixteen and twenty. Perhaps the most important reason for parents of teenage drivers in Cullman, AL to have an umbrella policy to increase their overall liability protection is the added risk of their child being in a severe or fatal accident where others are injured. In such a scenario, an umbrella policy would help pay for the other party’s medical bills above what your current auto insurance covers.

Reason #2: Property Damage

There’s an old saying that kids will be kids. While most parents like to believe that their child will always do the right thing, sometimes incidents occur where damage to property owned by someone else happens. An umbrella policy goes above and beyond the liability on your homeowner’s policy to help take care of the costs of repairs.

Reason #3: Household Guests

As any parent who has survived this phase already knows, teens are quite social and usually surrounded by friends. And when these friends come over to your house to hang out—or for a forbidden party you might not know anything about—the chance of an accident happening puts the financial risk squarely on you. In this case, having an umbrella policy can help offset the costs of medical bills, lawsuits, or other incidents involving guests at your home.

If you’re a parent of a teenager, it is time to talk about adding umbrella insurance. Contact Insurance Solutions Inc. in Cullman, AL to schedule your appointment.