Personal Umbrella Insurance
Protection for life’s not-so-simple moments.
Life can be unpredictable. There’s no shortage of complicated challenges and unforeseen circumstances that could pose a real risk to your family’s assets and financial future. A personal umbrella policy is designed to protect you from life’s unexpected events, so you don’t have to worry about protecting what’s important. An umbrella policy provides extra liability insurance for all auto and/or home owners.
Questions and Answers
What is a personal umbrella policy?
An umbrella policy is an excess personal liability insurance policy, it is the most affordable coverage in the personal insurance market. This type of insurance is designed to help protect you from major claims and lawsuits and as a result will help protect your assets and financial future by providing additional liability coverage above the limits of your homeowners, auto, boat and other types of insurance policies.
Who should consider a personal umbrella policy?
Umbrella insurance is for everyone, a costly accident could happen to anyone. Whether you own a home or not, have a lot of savings or nothing; if you are found liable for damages your earnings, college fund or retirement savings could be in jeopardy.
How does a personal umbrella policy protect me?
You’re at fault for an auto accident or an injury occurs on your property.
- Let’s say you have an auto policy that covers $500,000 in bodily injury and a $1 million personal umbrella policy. After a major at-fault auto accident, you’re found liable for a $1.25 million judgement. Your auto coverage “runs out” at $500,000, meaning you’re potentially on the hook for the remainder. That’s where your personal umbrella coverage steps in, picking up where your auto coverage stops and covers the remaining $750,000.
- Another example could be a houseguest gets injured while visiting your home. It happens all the time, someone slips on your sidewalk or falls while walking down the stairs. Hospital and doctor bills can add up quickly, and if the injury happened on your property you could be responsible for covering the costs. It can help protect your family’s finances and future by covering the difference between your home insurance liability limit and the actual judgement, up to your personal umbrella limits. This could potentially add up to millions of dollars.