I was shocked to hear that Hulk Hogan, a retired professional wrestling star and entertainer, is in deep financial trouble after his son’s car accident. After all, Hogan is worth millions of dollars, and can surely afford appropriate insurance coverage to protect himself, right?
So what was the problem you ask? He did not have an umbrella. Hogan was worth an estimated $30 million in August 2007 when his son Nick crashed Hogan’s car and left his passenger with a serious brain injury. Hogan was way underinsured and will have to pay out of his pocket anything over the $250,000 limit he carried.
Now most of us don’t have quite that much wealth to protect, but imagine if it were you in a similar situation. Could you afford to pay a claim against you out-of-pocket… even if you’re underinsured by only an extra hundred thousand or two? It’s very unlikely that most of us could.
These situations are exactly why we always recommend at least $1 million umbrella liability protection. The low premium of just a few dollars a week is a very small price to pay when it could protect you and your family’s financial future in the event of a serious accident and subsequent lawsuit. Contact us today to find out how little it would cost you to invest in an umbrella policy.
