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Especially when it comes to unexpected accidents or claims…
You never know when it might rain. So, just like the name implies, this type of policy acts like an umbrella, providing additional protection against a wide range of liabilities and unforeseeable mishaps covered by your other policies.
Umbrella insurance does not cover:
However, what exactly is covered by your umbrella policy depends on how you decide to set it up. In most cases, umbrella insurance protects you from:
Yes, your existing insurance may protect you to an extent, but an umbrella policy goes much further for less cost than upping the limits on your existing policy because it covers for different types of risks. Umbrella insurance is also portable, in most cases, so it can follow you when and wherever you travel.
Since the terms of umbrella insurance policies will vary, depending on insurance companies and your own personal needs, a qualified insurance agent from our firm is the best person with whom to discuss the benefits, restrictions, and coverage from each carrier they represent.
Actually, anyone with a job, who expects to keep the income they earn, could benefit from having an umbrella insurance policy.
What would happen, for example, if neighbor made a delivery to your house, slipped on a sidewalk recently wet by your sprinkler system, and suffered severe head injuries from the fall. They can sue you, of course.
Your homeowners insurance kicks in and pays up to its maximum limits. But the jury finds that you are responsible for an extra $500,000 over your homeowner’s limits.
Ask yourself: How long would it take you to pay that off with your weekly paycheck?
Umbrella insurance covers the amount that exceeds your homeowners coverage, usually up to $5 million, sparing you from a financial nightmare, along with paying the attorney to help you survive it.
Umbrella insurance is highly affordable. Especially since it’s unlikely you will ever have to make a claim against it. Your specific cost will be determined by:
You may save even more money by purchasing umbrella insurance from the same carrier who provides your home and/or auto insurance-check with us to make sure. Contact us today for more information or a free quote.