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Personal Umbrella Insurance

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Personal Umbrella Insurance Provided By Our Agency

Protecting your family and assets is a top priority, which is why people have insurance. Personal umbrella insurance is a type of insurance designed to add extra liability coverage over and above another insurance policy, such as auto or homeowners insurance.

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Auto bodily injury liability
Bodily injury liability
Property damage liability
Medical Bills

Auto bodily injury liability
Coverage

Risk Factors

While away at college, your 19-year-old son causes an accident that seriously injures a tech company’s top executives. Your auto insurance liability limits may not be high enough to cover your medical expenses and lost income while they recover.

Solution

Auto bodily injury liability helps cover a person’s treatment costs if they get hurt in a car accident. This coverage steps in when you reach your auto liability limit.

Bodily injury liability Coverage

Risk Factors

A guest at the pool party you’re hosting slips on your diving board and falls onto a stone-paved deck. She’ll be okay — but will need back surgery and ongoing rehab. The cost of this care will exceed the limits of your homeowners policy.

Solution

This can help cover another person’s medical bills. In addition, if someone gets hurt and sues you, this coverage protects you once your liability limit has been reached.

Property damage liability Coverage

Risk Factors

You forgot you left your bathtub running when you got distracted while checking for mail in your apartment building’s lobby. While you’re gone, the tub overflows, deluging your downstairs neighbor’s home office. Unfortunately, the renter’s insurance won’t cover the total costs of damage to her property and business.

Solution

This helps pay for damage to another person’s property or vehicle. This coverage will take effect when your liability limit has been exhausted.

Medical Bills Coverage

Risk Factors

Your friend trips and falls over a toy left in the middle of a hallway by your young son. She won’t be able to work for some time, and the liability limits of your homeowners insurance may not be high enough to cover her medical bills and other compensation.

Solution

An umbrella policy can cover her medical bills and other compensations. However, This coverage helps once your liability limit has been exhausted.

Get that additional layer of protection

Umbrella insurance is meant to help protect you from large and potentially devastating liability claims or judgments. Personal umbrella coverage comes into play when your underlying liability limits (such as from a homeowners or auto insurance policy) have been reached.

Understanding how Personal Umbrella Insurance works

To understand how umbrella insurance can help, consider the following scenario. If a driver runs a red light and accidentally hits another car, there might be significant damage to the vehicle, and several people might be injured.

With car repairs totaling $50,000 and the treatment of the injuries eclipsing $500,000, the driver at fault may be liable for expenses far beyond their insurance coverage limits. An umbrella insurance policy will pick up the additional liability costs beyond car insurance coverage limits.

Why Personal Umbrella Insurance may be needed?

To best answer that question, consider the assets you own and their role in fostering your financial security. Of course, when thinking about assets, obvious items come to mind: your car, house, investment accounts, and checking and savings accounts. But more broadly, your projected future income stream can be considered an asset. It may even prove to be the most valuable asset of all.

In the event that you become the target of a lawsuit for a substantial sum of money but don’t have enough insurance to cover the damages that may arise, the expenses would have to come out of pocket. This could create significant financial hardship. An umbrella policy can forestall the prospect of financial ruin due to an unintentional misstep or an unforeseeable accident.

Check with us to know whether you need additional protection. Then, we can help you find cost-effective umbrella insurance coverage that suits your needs.

Already have Personal Umbrella Insurance? Switching is easy

It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.
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