Umbrella Insurance
A serious accident or lawsuit can happen when you least expect it. If you're found responsible for injuries or property damage and the claim exceeds the liability limits on your homeowners or auto insurance, you could be responsible for paying the remaining costs out of your own pocket.
Umbrella insurance provides an additional layer of liability protection to help protect your home, savings, investments, and future income from covered claims that exceed the limits of your underlying policies.
Most umbrella policies start with $1 million in additional liability coverage and can often be purchased in higher limits. For many families, an umbrella policy provides valuable financial protection for a relatively affordable cost when compared to the protection it offers.
How Umbrella Insurance Works
An umbrella insurance policy helps cover covered claims that exceed the liability limits of your homeowners, auto, or other qualifying underlying policies. In addition to paying covered damages, an umbrella policy may also help cover legal defense costs associated with a covered lawsuit.
For example, if you're responsible for a serious auto accident or someone is injured on your property and the damages exceed your underlying liability limits, an umbrella policy can provide an additional layer of protection, helping protect your savings, investments, future income, and other assets from covered claims.
Many umbrella policies also extend liability protection to family members living in your household, subject to the terms and conditions of the policy.
What Umbrella Insurance Doesn't Cover
Umbrella insurance generally does not cover damage to your own home or vehicle, your own injuries, intentional acts, or business-related liability unless specifically covered by the policy. Coverage varies by carrier and policy, so we'll review any limitations with you during the quoting process.
Who Should Consider Umbrella Insurance?
An umbrella policy may be worth considering if you:
- Own a home
- Have teenage drivers in the household
- Own rental property
- Own a boat or recreational vehicle
- Have significant savings or investments
- Want additional liability coverage beyond your home and auto insurance
Most insurance companies require your homeowners and auto policies to carry certain minimum liability limits before an umbrella policy can be issued. As part of our coverage review, we'll review your existing policies to make sure those requirements are met before recommending an umbrella policy.
Choosing the right umbrella policy starts with understanding your existing liability coverage. As part of our coverage review process, we'll help you determine whether an umbrella policy is right for your situation and recommend coverage that fits your needs. Contact us today to find out if umbrella insurance is right for you.