Texas Umbrella Insurance (QUOTES, COST & COVERAGE)
Get Texas umbrella insurance quotes, cost & coverage fast. Umbrella is extra liability insurance that sits on top of your TX auto, renters and homeowners policies to help protect you from major claims.
Texas Umbrella Insurance
Most people are aware if the necessity of buying enough personal insurance coverage for their property like their homes and cars etc. This is because almost every adult realizes That these things can someday be damaged, stolen, or lost, which means someone has to pay for the replacements.
But what about coverage for the things that can’t be bought at a store, put a monetary value on, or replaced?
What Does Umbrella Insurance Cover?
A personal Texas umbrella insurance policy will sit on top of the liability coverage up already have on your home and automobile, providing up, your family and your assets an extra level of protection. So, why would you need this extra layer of protection?
- Legal judgments for liability that exceed the underlying limits of liability insurance coverage provided by the TX policies on your home and cars. Put differently, the primary auto or home policy you have, would pay up to its limits, and the personal umbrella will pay for the overages, if any.
- It also covers if you, your child, or your pet cause another person; bodily injury, damage to property, or injury to the person in the form of slander or libel.
- Costs of defense lawyers and legal fees.
For example, what if you were driving and looked down to see a text, smashed into the vehicle in front of you and caused an accident that critically injured or killed someone? Most likely you would be sued for a higher amount than covered by your existing car insurance policy. If that were to happen, they could take your home, cars, belongings and future earnings.
So let’s say you had $100,000/$300,000 limits on your TX auto liability. But you hurt someone and were sued for $900,000. Where would the additional $800,000 come from? In this example if you had a $1,000,000 in Texas umbrella insurance – after the $100,000 of auto liability was exhausted – the umbrella excess liability would kick in and pay the extra $800,000. If you didn’t have the umbrella you would be responsible to pay the 800k out of pocket.
Many people have the misconception that umbrella insurance policies are only meant for the rich. That is not accurate at all – just about anybody who could be subject to legal action due to causing serious injury to somebody – whether the injury is caused by your child, your pet, or you. For example, say your child’s friend was seriously injured while playing in your backyard, or your dog attacked your neighbor, or if a guest drown in your pool? The umbrella policy can help you to pay for the medical and legal costs without stealing your financial future.
What Texas Umbrella Insurance Doesn’t Cover
Umbrella insurance typically does not cover:
- Judgment awarding compensation which exceeds the actual damages as a form of punishment for willful or malicious misconduct.
- Claims of liability regarding your business – that requires a business insurance policy.
How Much Does Texas Umbrella Insurance Cost?
How much does umbrella insurance cost? It has been said the personal umbrella insurance is one of the best values in all liability insurance. While price is dependent upon the underlying risks (like having teenage drivers), the costs are usually under $400 or less per year for an extra one million in liability coverage.
Should I Buy An Texas Umbrella Insurance Policy?
As you would with any kind of insurance policy, you should read the coverages and exclusions to find out if it’s the coverage you need. This will also help you to decide whether you want to simply increase the liability limits on your home and auto policies, or go for the extra liability limits of a personal umbrella policy.
The best way to do this is to compare the costs and coverage, make an assessment of your risk, and see if you think you need the extra coverage. This will help you to make an informed choice between upgrading the policies you already have or opting for the additional liability protection umbrella insurance offers you.
TX Umbrella Insurance Quotes
Request a Texas Umbrella Insurance quote in Abilene, Allen, Amarillo, Arlington, Austin, Baytown, Beaumont, Brownsville, Bryan, Carrollton, College Station, Corpus Christi, Dallas, Denton, Edinburg, El Paso, Flower Mound, Fort Worth, Frisco, Garland, Grand Prairie, Houston, Irving, Killeen, Laredo, League City, Lewisville, Longview, Lubbock, McAllen, McKinney, Mesquite, Midland, Mission, Missouri City, Odessa, Pasadena, Pearland, Pharr, Plano, Richardson, Round Rock, San Angelo, San Antonio, Sugar Land, Temple, The Woodlands, Texarkana, Tyler, Waco, Wichita Falls and all other cities in TX.
Texas Insurance Rules And Regulations
In Texas, there are certain regulations governing insurance that you should be aware of. We will be discussing some of the personal and business insurance types that are mandated by law, as well as insurance types that are not necessarily mandated by law but may be useful. For example, almost every business out there carries commercial liability insurance even though there is no law stipulating that general liability must be carried by a business in order to operate within the state. We'll be looking closely at the regulations and these types of insurance in TX.
Texas Business Insurance
When it comes to business insurance, there is one type of insurance that is most common above all others - general liability insurance. This is sometimes called commercial liability insurance, and it provides payments for those businesses that have legal trouble as the result of something happening on their premises. There are many different things that general liability covers, and since businesses do not have total control over what can happen on their property, most business carry it.
However, there are also certain types of business insurance that are required by law. However Texas is a lot less stringent when it comes to insurance than most of the states out there. In fact, the only type of insurance that you can apply to business that is regulated by law is the state-mandated insurance limits that are required for drivers. Most states require Workers Comp, and most of them also require commercial auto insurance for commercial vehicles. However, Texas does not have this requirement.
TX Personal Insurance
There are a couple of different types of insurance that will be discussing in this section. Many states require that commercial vehicles carry commercial auto insurance, but in Texas, it is simply required that all drivers carry 30 000 USD for bodily injury liability for a single person and 60 000 USD per accident as well as 25 000 USD for property damage. This is sufficient for both personal insurance and commercial insurance.
As for life insurance, they are regulated by certain state statutes in Texas and cover things like a 30 day grace period for payments and protection of death claim from bankruptcy. These are the only two types of life insurance regulations that are present within the state of Texas. Texas does not provide a free look mandate like many of the states out there.
Different States Umbrella Insurance
If you are looking for state specific Umbrella Insurance quotes, costs and information: