A personal umbrella policy is a personal insurance policy that provides excess liability above and beyond the limits of liability of your personal auto and homeowners policies. An umbrella policy protects your personal assets (current and future) from being pulled into a lawsuit resulting from a car or property accident when your underlying policies’ liability limits are insufficient.
Personal umbrella policies require a certain amount of underlying liability. These underlying liability requirements are usually $300,000 personal liability on your homeowner’s policy and $250,000 per person/$500,000 per accident/$100,000 property damage liability on your auto policy. There are carriers that may allow their umbrella policy to sit over an auto policy with lower liability limits.
Individuals with assets to protect and/or children on the road are urged to have at least a $1 Million personal umbrella policy. Don’t let an unfortunate mishap affect you financially, stop by one of our many local offices or call 800-716-9578 to get a proposal!
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