What is Umbrella Insurance?
Umbrella Insurance is simply extra liability insurance. It is designed to provide additional coverage when your underlying policies have reached their limits. If your homeowners, auto, boat, or motorcycle policy is exhausted by a claim, your Umbrella Insurance kicks in. Furthermore, a Personal Umbrella Policy can also protect you from claims excluded by your existing liability policies.
What Does an Umbrella Insurance Policy Cover?
Protect your assets and your future; make sure you have enough liability coverage. Personal Umbrella Insurance covers large liability claims, including:
If you cause injury to another person or they are injured while on your property, you could be liable; and in turn responsible for their medical bills and other related costs. While your auto & homeowner policies provide bodily injury coverage to some extent, bodily injury claims can get expensive quick and exceed your existing liability limits. Common bodily injury claims include dog bites, slips & falls, and serious auto accidents. Umbrella insurance will provide the coverage you need to ease the financial burdens related to bodily injury liability claims.
What property damage do your homeowners & auto insurance policies cover? If you get in a car accident and you are at fault, you’ll be paying for the repairs of any affected vehicles. Those costs can add up quickly and your auto policy may not cover everything. An Umbrella Policy will help you cover any costs that exceed your auto liability limit.
Landlords are liable for the property they own, whether they are renting it out or not. If someone is injured on your property – whether they tripped & fell or they were bitten by a tenant’s dog – you could be held responsible. Umbrella Insurance provides landlords with extra protection against accidents that happen on their properties.
Personal injury coverage is typically not included in your Homeowners Policy. It is an add-on option that is often overlooked by homeowners. Umbrella Insurance provides coverage that helps you pay the legal fees related to personal injury lawsuits, including slander, libel, false arrest, malicious prosecution, and mental anguish.
Do I Need Umbrella Insurance? Is it Worth It?
Umbrella Insurance is surprisingly affordable. When you consider how little you will be paying towards your premium compared to how much a liability claim could cost you, it is well worth the money. While you may never need to utilize your Umbrella Policy, should the day come that you have to, you will be extremely thankful for the extra protection. Don’t be afraid to ask your local agent about your Umbrella Insurance options to get the best coverage for you and your family.
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