An Umbrella policy is a way to increase your liability coverage outside the limits on your homeowners or car insurance policies. The coverages under an umbrella policy can be tailored to fit your specific needs.
What is an Umbrella Insurance Policy?
An Umbrella Insurance Policy provides additional liability protection coverage for you and your family against unforeseen accidents. It’s intended to protect you financially if you exceed your liability limits under your primary home or auto insurance policies. This type of coverage helps protect you and your assets when the costs of a covered liability claim exceed your primary policy limits. An umbrella policy can also help cover defense costs if you are sued for damages to someone else’s property or injuries you caused someone in an accident.
What Does Umbrella Insurance Cover?
Each Umbrella Insurance Policy is unique because you can choose your liability limits and coverages to fit your individual needs, but here are common coverages under an Umbrella Insurance Policy:
Injury – Umbrella Insurance can help cover medical costs for personal injury you caused to another person. This can include injury from a car accident or an incident like a dog bite.
Property Damage – If you or a family member cause significant damage to someone else’s property, Umbrella Insurance can help cover damages you are liable for causing.
Legal Issues and Costs – Umbrella Insurance Policies can help cover legal defense costs and other associated fees related to lawsuits from personal injury, defamation of character, false imprisonment, wrongful eviction, and more.
International Incidents – If you are involved in an incident abroad, your Umbrella Insurance can protect you outside the United States. Umbrella Insurance will be an excellent addition if you want added liability protection when traveling.
It’s important to note that personal umbrella insurance typically does not cover intentional or criminal acts, written or oral contracts, or personal belongings. Make sure to consult your insurance agent to verify the extent of your Umbrella Insurance coverage.
Do I Need Umbrella Insurance?
We highly recommend having Umbrella Insurance if you have assets you’d like to protect, which can include homes, cars, and investment properties. It’s also a good addition if your home includes additional liabilities like children, pets, trampolines, or swimming pools.
How Much Does Umbrella Insurance Cost?
Like any other insurance policy, the cost of your Umbrella Insurance will depend on the coverage within your policy and the liability limit you choose. A general standard is that a $1 million Umbrella Policy can start as low as $225 per year, with the option to increase your liability limit. We would be happy to provide you with an Umbrella Policy quote!
How Can I Get an Umbrella Insurance Policy?
If you are interested in getting an Umbrella Insurance Policy, reach out to us today so we can provide you with a quote outlining your options and associated costs. You work hard for your money and assets, so it’s essential to make sure you take the steps needed to protect them!
