Personal Umbrella Insurance
The more you have, the more you have to protect. The more you do, the more you need to be protected.
What You Should Know
Personal Umbrella Insurance
A personal umbrella insurance policy is designed to cover you in the event that your existing policies are either depleted or simply do not cover a certain exposure. For instance, if you have an auto accident and the other driver’s medical bills exceed the limits of your auto policy, an umbrella policy could cover those remaining bills, thereby protecting claims against your other personal assets.
In short, personal umbrella policies serve three main purposes:
- To provide additional coverage to underlying policies
- To take over when underlying policies have been depleted
- Provide protection against other claims that are not covered by the underlying policies
Contact us today and let us help you secure the right umbrella policy for your situation.
Types of Coverage
Umbrella Policy Common Claims
Community Volunteers
If you coach little league, are a scout leader, or a board member of your local community organization or church, it’s a good idea to have a personal umbrella. Community leaders and volunteers are often exposed to injury claims by those they serve and others with whom they come in contact in their role.
Any claim of injury that happens on your watch, or even an accusation of inappropriate behavior, could quickly lead to a lawsuit. Umbrella coverage is an inexpensive way to provide the peace of mind you need so you can enjoy your community service.
Legal Defense
Legal fees add up quickly and often cost hundreds of thousands of dollars. Umbrella coverage can pay these fees as you defend yourself in court. If found at fault, remaining umbrella coverage can be applied to any liability expense judgements.
False Arrest & Slander
Umbrella coverage can pay the costs of defending yourself in the case of false arrest, imprisonment, defamation, or eviction/malicious prosecution. It can also help pay for costs associated with repairing your reputation.
Homeowner's Liability
Umbrella coverage also increases your liability coverage limits on your home and property as well. This includes accidental injuries that may occur on your property. If the cost of the claim is greater than your homeowner’s insurance limit, which is not uncommon, umbrella insurance can offer additional coverage.
New Drivers
If you have a young driver on your auto policy umbrella coverage is recommended. This is because the chances of a serious accident is 3 times as likely. Moreover, auto liability insurance may not be enough in the case of a serious accident in which you or your family member are found at fault. Adding umbrella coverage increases your auto liability limit.
Social Host Liquor Liability
One of the greatest fears a homeowner has is for one of their party guests to get in an accident on their way home after alcohol has been consumed.
Even if you are only found to be indirectly at fault, you could be held financially responsible for resulting liability claims. Typically, homeowner’s policies will cover these claims up to the policy limits. Having an umbrella policy adds another layer of coverage should the claim exceed your underlying policy limits.
Injuries Caused By Pets
You take your dog out for a walk, and another dog spooks him. He and the dog get into a fight, and your dog bites that dog. He also bites the other dog’s owner, who is trying to pull the dogs apart. This would cause bodily injury both to the owner and the dog. If your dog bit first, you could be on the line for medical expenses, lost wages, and even pain and suffering. These may not be covered by homeowner’s insurance, so umbrella coverage could step in to pay for the costs.
From The Blog
Umbrella Insurance Resources & Articles
Buying Insurance Online vs. Having Your Own Personal Insurance Agent
We get asked all the time if the online insurance companies are killing our business. In fact, it’s just the opposite. It turns out, a lot of people still prefer friendly, personalized service. And that’s what we provide. What people don’t like is waiting on hold,...
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