Get umbrella insurance quotes, cost & coverage fast. Umbrella is extra liability insurance that sits on top of your auto, renters and homeowners policies to help protect you from major claims.
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? For instance, things such as financial security for the future, maintaining an accustomed standard of life, sustaining a good quality of life, retirement, college education and of course peace of mind. This is where the personal umbrella insurance policy enters the picture.
What Does Umbrella Insurance Cover?
A personal 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 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 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 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 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 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 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.
Get A Umbrella Insurance Quote
We will make sure you have the right amount of umbrella insurance to protect yourself. We always take into consideration how much your own and recommend insurance that will protect your income and assets if you are found at fault for an accident and sued.
If you are looking for state specific umbrella insurance quotes, costs and information: California Umbrella Insurance, Delaware Umbrella Insurance, Illinois Umbrella Insurance, Kentucky Umbrella Insurance, New Jersey Umbrella Insurance, New York Umbrella Insurance, Pennsylvania Umbrella Insurance, Texas Umbrella Insurance.