If you host a lot of parties and social events at your home, extra liability insurance coverage can ensure that you are completely covered – and that all of your assets are safe – if a guest has an accident in your home.
Umbrella insurance policies are designed to supplement the liability coverage you already have, whether it’s home or auto. Essentially, once you exhaust your original coverage, your umbrella coverage kicks in.
Did you know that average defense attorney costs for even small cases can easily run into tens of thousands of dollars? Umbrella insurance can cover these costs if legal action is ever brought against you or your business.
If you have employees, talk with your representative about an umbrella liability policy to supplement worker’s compensation or other insurance you may be carrying. When claims exceed the limits of your basic coverage, you need something that has your back.
Changes in life can make umbrella coverage – or excess liability insurance – a good idea. If you start a home-based business, the $10,000 in medical coverage you might have on your homeowner’s policy may not be sufficient, particularly if your business attracts a steady stream of clients and visitors.
Umbrella insurance can be a way to protect a business as well as your home and possessions. Do you have a small business that you operate out of your home? Imagine what could happen if a customer is injured on your property.
In most cases, you must have a minimum amount of liability coverage—usually at least $250,000 on your auto policy and $300,000 on your homeowners’ policy—to add umbrella insurance.
Do you have to get umbrella insurance with your primary insurance carrier? No. Even if you have a primary insurance policy through another insurance carrier, you can still obtain extra liability umbrella insurance for an affordable price.
One step in determining whether you need umbrella insurance is not is to figure out whether you are at risk. Common factors that may put you at higher risk is whether you have a pool, a dog (thus at risk for dog bite claims), and/or a teenage driver in the home.
There are many benefits to having an umbrella policy, including fiscal responsibility, prudence, and more, but the biggest reason can’t be put in numbers. The truth is, when you have an umbrella policy, you get the peace of mind from knowing you’re fully covered.
Who needs umbrella insurance? Someone with a valuable home, investments and personal property should consider umbrella insurance in order to protect those items.
Not sure how you could afford the extra umbrella policy payment you need? You might be surprised, since adjusting the liability limits or deductible on your current policies might make a big difference. An insurance expert can go over your options with you to help you figure it out.
Did you know that umbrella insurance policies provide insurance beyond traditional home and auto? They can also provide coverage for claims that may be excluded in primary policies, such as false arrest, libel, slander, and invasion of privacy.
The term "umbrella" is used for umbrella insurance because it covers the liability claims from the policies beneath it, like auto or homeowners insurance.
Do you have enough liability insurance within your current policies to cover your costs in case an accident occurs and you are found negligent? Umbrella insurance gives you extra protection on top of your already existing policies in the event of a lawsuit.
Have you ever read about a large jury verdict? How do those defendants pay the cost of those verdicts, not to mention their lawyers? If their home or auto liability coverage isn’t enough, it’s possible those defendants may go bankrupt because of a significant jury verdict.
Even if you have extensive homeowner’s and automobile insurance, they have limitations and if you have not updated them, those limits may be less than you realize. An umbrella policy picks up when your regular insurance runs out, protecting your financial portfolio.
Do you own an outdoor playset, trampoline, or swing set? These can be a lot of fun, but they can also open the door to injuries and accidents. But you don’t have to worry. An umbrella policy can help cover any expenses from injuries or accidents that your other coverage can’t cover.
There are two basic steps involved in determining whether or not you need umbrella insurance. It’s recommended that you first add up your assets (the worth of your home, bank accounts, stocks, and other assets) and then see how much liability coverage you have on your homeowners and auto policies.
When it comes to auto insurance, I thought all I needed to be concerned about was having the minimum liability coverage required in my state. That’s only partially true. Minimum requirements are generally quite low and only protect from getting a traffic ticket. If you have minimum coverage and are at fault in an accident damage above that limit, your personal property is at risk.
How can I tell if I need an umbrella insurance policy? Simply add up your assets and compare that figure to the liability coverage in your home and auto policies. If the assets are greater than the coverage, that means you are at risk and should consider umbrella insurance, according to experts.
One type of coverage provided by umbrella insurance is bodily injury liability. Basically, this coverage is designed to cover the cost of damages to another person’s body, including the cost of medical bills and any liability claims that may result from this.
