Get Under an Umbrella

For personal liability coverage that goes beyond the limits of what an automobile, watercraft, or homeowner’s policy provides, consumers are urged to purchase “umbrella insurance.” Also known as “excess personal liability insurance,” an umbrella policy will pay a judgment or settlement for a policyholder found to be at fault for an accident, and will pay for the policyholder’s defense even if he or she is not at fault. Umbrella insurance is usually sold in $1 million increments and costs about $150 per year for each $1 million of coverage up to $5 million. The best place for a consumer to get umbrella insurance is with the insurance company that issues his or her current auto, boat, or homeowner’s policy.

Having an umbrella policy keeps a massive lawsuit from wiping out all your other assets. An umbrella policy also protects you against being sued for damage that other policies don’t cover, such as an accident you cause at work or on vacation. If you have any questions about insurance, please call our office. We work in the best interests of our clients. Are you sure which types of insurance coverage you need? Are you trying to find the security that makes the most sense for you? You can trust our experienced, professional agents to answer all of your questions and work with you every step of the way.

Quick Tip: Most insurers require that you carry a minimum amount of liability coverage (typically $300,000 for homeowners and $250,000 per person/$500,000 per accident for bodily injury for auto) before offering an umbrella policy.