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What is umbrella insurance?
Umbrella insurance—also referred to as excess liability insurance—protects you and your assets when you’ve exhausted the limits of your home insurance or auto insurance in the event of an accident. While no one ever anticipates additional liabilities, it can safeguard you from being responsible for unexpected costs.
Why is umbrella coverage important?
Just as an umbrella can shelter you from the rain, the best umbrella insurance policies will protect assets such as an inheritance, salary, retirement funds and savings in the case you’re liable as a result of an accident. It is especially important if you’re at risk of a lawsuit as a result of injuries or damages to the property of another person. Consider the following scenario:
If you run a red light and accidentally hit another car, there might be significant damage to both vehicles and several people could be injured. With car repairs totaling $50,000 and the treatment of the injuries eclipsing $500,000, you could be liable for expenses that go far beyond the coverage limits of your insurance. An umbrella insurance policy can pick up the additional liability costs beyond the limits of your car insurance coverage.
What does an umbrella policy cover?
An umbrella insurance policy can cover liability and can pay for settlements up to a stated amount. Umbrella insurance can only be purchased, though, if you already carry auto, home or another type of insurance as it is a supplemental policy, not a standalone. Get a free quote today and take the first step toward figuring out the best insurance coverage for you.
Uses for Umbrella Coverage
- Treatment of others’ injuries
- Damage to someone else’s property
- Personal attacks and character defamation
- Property damage and injuries sustained by tenants at a rental property
- Personal legal defense costs
What is not covered in an umbrella policy?
Personal Property – Umbrella insurance does not cover any damage you do to your own property.
Business Losses – Financial losses to your business or damage to your business property is typically not covered under an umbrella policy.
Criminal or Intentional Actions – An umbrella policy usually won’t cover any intentional harm, criminal acts or damage to someone or someone’s property.
Contracts – Liability that may arise from a contract (oral or written) is typically not covered under an umbrella policy.
Who might benefit from an umbrella policy?
Individuals who regularly purchase (and benefit from) umbrella insurance typically own property, have significant savings or own other things that can potentially cause injury such as pools, boats, recreational vehicles, motorcycles, trampolines, dogs, etc.
You could benefit from umbrella insurance if your chances of a lawsuit are increased from:
- Being a landlord
- Coaching kids’ sports
- Serving on the board of a nonprofit
- Regularly posting reviews of products and businesses
- Participating in sports where others can be easily injured (skiing, surfing, hunting, etc.)
How much coverage do I need?
At a minimum, the best umbrella policies cover your net worth, but don’t forget to factor in your future earnings when determining your coverage needs. Umbrella insurance policies are sold in $1 million increments and offer at least $1 million in coverage. A $1 million policy can run approximately $150 to $300 per year. The cost per million drops every year for each additional million dollars in coverage. Many umbrella insurance policies do have a cap for liability protection.
We can help you determine how much coverage is needed for your situation.
Additional Peace of Mind
Umbrella insurance can provide a sense of relief by further protecting your hard-earned assets. We offer a convenient, hassle-free way to find the best price for coverage that can protect your loved ones and possessions. Ready to get started?