Personal Umbrella Insurance

A personal umbrella liability policy provides an extra level of coverage above your home and auto policies. You have worked hard for your savings, investments and assets, keep them protected.

What is personal umbrella insurance?

Home and auto insurance is an important step in your financial planning and a great way to protect your family’s assets. But, it is not without limitations. You can choose the amount of coverage you wish to own. But, these personal insurance policies will only cover up to a certain dollar amount. For coverage beyond those limitations, you will need umbrella insurance.

Reasons for Personal Umbrella Liability Insurance

• Sometimes your home and auto insurance liability limits just aren't enough. If you or someone in your family is at fault in an accident or someone gets hurt on your property, your assets could be at risks.
• Liability coverage on a policy pays for things such as the injured persons medical bills, therapies, and lost wages. If someone is seriously injured requiring years of care and missed work your auto and home liability limits will not provide enough coverage.
• An umbrella policy gives you an added amount of liability insurance over and above what is carried on your home and auto policies. The most common policy adds a million dollars of liability. Also, umbrella liability policies are usually very affordable; the average cost of an umbrella policy is approximately could be less than $1.00 per day (depending on the number of vehicles, drivers and homes).
• Lawsuits are becoming more and more prevalent these days and no one can predict how much a judge may award in an injury case. Personal umbrella policies are the surest way to protect your savings and investments in case of an accident.

What are the benefits of personal umbrella insurance?

Standard insurance policies do provide valuable protection. But, there is still a chance that you can become financially liable for a sum larger than what your policies will cover. For instance, say you have a fire in your home, and it spreads to destroy your neighbor’s property. Does your home insurance policy include enough liability coverage to pay for the damages?

Umbrella insurance can protect your assets if you are held liable for property damage or bodily injury. It can also help cover legal fees, false arrest, libel and slander. If you are sued and do not have enough coverage with your standard policies, all your assets are exposed. This can include your house, car, financial and retirement accounts, and future income. 

Think of umbrella insurance as a blanket policy that adds another layer of coverage on top of your basic policies. When you’ve reached the limits on your home or auto insurance, your umbrella insurance then helps cover the remaining costs.

Learn more about Umbrella Insurance

If you want to protect you and your family from financial ruin due to an unforeseen accident, you may need an umbrella policy. Call us today to learn more.