While umbrella insurance may seem unnecessary, if you have a home or other assets to protect, it’s a very smart move. This way, you’ll be covered if you are ever at fault in an auto accident or other mishap that results in a lawsuit.
An umbrella policy is a separate insurance policy that most commonly extends the liability coverage for auto or homeowners insurance. The policy doesn't kick in until all other insurance policies have been paid out.
Some qualities that make getting an umbrella policy a good idea include having a high-profile career, owning a farm/ranch or waterfront property, and living in an affluent neighborhood.
In addition to covering damages that may be awarded to a plaintiff, an umbrella insurance policy will also pay your legal fees if you are taken to court. There are different levels of coverage, so discuss your situation with your insurance agent.
Even if you have a homeowner’s policy or an auto policy, there are some things these policies won’t cover. When you have an umbrella policy, you’re more completely covered, so you don’t have to worry about coverage gaps if something goes wrong.
If you live in a co-op or own a condominium, a regular check of your insurance is important to make sure you have adequate coverage. While there are probably two policies in effect – yours and the association's – do they provide sufficient protection? For added peace of mind, add an umbrella excess liability policy to cover what the other ones do not.
Do you already have an umbrella policy? This is great news, but most people’s financial situation changes yearly, so it might no longer be enough. An insurance expert can go over your current financial status to help you find the right umbrella policy.
If you have a boat, you may want to consider adding an umbrella liability policy to protect you if you take guests out on it or if you water-ski or use other recreational watercraft. If someone is injured while aboard your vessel, an umbrella policy covers what your regular insurance will not.
With personal liability umbrella insurance, you are able to include personal injury, property damage, and bodily injury caused by you, your pets, and your dependents in your coverage. This can extend to everything from false arrest to eviction and wrongful entry.
If you are looking for a way to incorporate an umbrella policy into your budget, boosting the deductibles of your auto and homeowners’ insurance can reduce these premiums by hundreds of dollars.
No matter how carefully you drive, the truth is that car accidents do happen, and they can get very expensive, very quickly. Your car insurance will only cover up to its liability limits, but if you have an umbrella policy, it will pick up where the car insurance left off.
Do you have valuable items, such as antiques and jewelry, stored in the attic in your home? In the event of a theft or loss of the valuables due to a fire, your liability coverage may not be sufficient. The only way to get the full value is with umbrella insurance coverage, according to experts.
What happens if a lawsuit triggered by an auto accident goes through all of your liability insurance coverage? Unless you have umbrella coverage, you could be personally liable for any excess damage amounts, putting your home and property at risk.
So how much exactly does an umbrella insurance policy protect you beyond your original insurance coverage? Depending on the policy, it can add an additional one to five million dollars in liability protection.
Did you know that, in most cases, umbrella insurance policies are really affordable? Additional liability insurance is often inexpensive, adding another layer of liability protection without a significant added cost.
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.
There are basically 3 benefits to umbrella insurance. It provides additional lawsuit coverage of $1 million or more, it provides additional coverage for legal defense costs, and it provides liability coverage for some lawsuits not covered by your basic auto or home insurance policy.
The term "umbrella" is used for umbrella insurance because it covers the liability claims from the policies beneath it, like auto or homeowners insurance.
In today’s world of lawsuits, courts are awarding larger amounts of money than ever for accidents, despite the fact that most policies have a limit on liability insurance. Thus, having umbrella coverage is important for everyone.
Keep in mind that most insurers offering umbrella coverage require the insured to have a certain level of liability limits on auto and homeowners policies. Speak to your agent to find out what these requirements are.
Umbrella insurance policies will cover the cost of damage or loss to another person’s tangible property. This might include costs associated with damage to vehicles and other property as a result of an auto accident and accidental damage to school property caused by your child.
Did you know that half of all small businesses in the country are home-based? It’s important to consult your insurance expert if you start up a home-based business because of increased liability risks of customers visiting your home. An umbrella policy can protect you from lawsuits due to accidents or injuries – from a slip and fall to an ugly encounter with your dog.
The greater your net worth, the more insurance protection you need to keep your assets safe. An umbrella insurance policy can be the perfect solution to extending your insurance coverage.
Do you know what your family members may be saying in blogs that are published on the Internet? Many homeowner’s policies either don’t cover libel or slander or have a low cap that could easily be exceeded if the blogger in your home is sued.
If you are having your home remodeled, you may want to consider adding an umbrella liability policy to your homeowner’s insurance to protect you in the event of an accident. Even if the contractors have insurance, that does not mean action cannot be taken against you if someone is hurt.
What’s the difference between libel and slander? Both are types of defamation, which is damage to a person’s reputation. With libel, the damage is written and published while slander is defamation that is spoken. Many homeowner’s policies exclude coverage for lawsuits or judgments as the result of libel or slander.
If you work from home, you may want to consider adding an umbrella liability policy to your insurance portfolio to protect yourself in the event of work-related accidents that may occur during the course of dealing with your clients.
Whether you are moving or going on a road-trip, an affordable traveler’s umbrella policy can help to protect you in the event of an accident. This type of extra liability insurance can also be customized for short or long term policies.
What happens if someone on your property is hit by a tree branch or slips and falls? Is the liability coverage in your homeowner’s policy enough to cover a serious accident and the lawsuit that could follow? With an umbrella policy, you can add to the liability coverage in both your home and auto policies.
Many situations start out as accidental or unintentional but end up in a lawsuit. For example, if there is a carbon monoxide leak in your place of business and people get hurt (or worse), you may be held liable. An umbrella policy will help protect your from these unfortunate occurrences.
While we’d like to believe that none of your guests, friends, or their families would sue you if something went wrong at your house, these kind of lawsuits are, sadly, pretty common. Having an umbrella policy to cover you just in case means you don’t have to worry about it.
If you head up a municipal sports league, you know that carrying liability insurance is important. However, are the limits of the policy enough to cover all your expenses if something drastic happens? An umbrella liability policy will extend the coverage your league has so that no one takes a financial hit.
If you own a rental unit, umbrella insurance is a good option. This type of policy will help to protect you against liability that you may face as a landlord: everything from personal injury to someone getting bitten by your tenant’s dog.
Insurance experts say that homeowners with a trampoline should consider an umbrella policy. Serious accidents are possible that could lead to expensive legal judgments or settlements. Unfortunately, being careful is not enough to stop an accident.
You’ve worked hard to get all of the assets you have today, such as a house, car, or retirement fund, so why spend all of your time worrying about losing them? Umbrella policies will protect you in case something gets wrong so you can enjoy your hard-won rewards.
When it comes to your business, a carefully constructed umbrella insurance policy can cover all of your insurance needs, saving you money and leaving you with much more comprehensive coverage.
Most umbrella policies are not expensive. In fact, insurance experts say $1 million in additional liability coverage will usually cost between $150 and $300. Add another million and expect to pay an additional $75 to $100.
Could I really lose my home and other personal property to someone that sued after a traffic accident? The law varies from state to state, but there are states that allow a successful plaintiff to force the sale of a house to recover any equity to apply to a legal judgment or settlement.
Did you know that the laws for umbrella policies vary from state to state? To determine the extent of coverage for your state, it is a good idea to consult with an insurance professional.
Frequent car renters may find adding an umbrella liability policy to their regular insurance a more cost-effective approach than paying for the rental agency’s insurance, which averages more than ten dollars a day.
Umbrella insurance can be critical in some areas where there are limits on policies. Federal flood insurance, for example, can be no greater than $100,000 coverage for contents and $250,000 for structures. However, umbrella insurance is available to extend those limits.
If in the course of a lawsuit in which you are found negligent and a judgment is issued that exceeds the limits of your auto or home policies, you can really be at risk. An umbrella policy is there to kick in and protect your assets if your policies are ever exceeded.
People that are typically covered under a personal umbrella policy are you, your spouse if he or she lives with you, relatives, and other people under 21 living in your home under your care.
Do you have a savings account for your child’s college education? Make sure that these savings are 100% secure with an extra liability umbrella insurance coverage policy which will protect you in the event of an accident.
Medicare Advantage plans offer many things that Original Medicare may not. We can help you understand the differences and find a plan that works best for you or for you.
If you own a recreational vehicle, umbrella insurance coverage can help to protect you in the event of an accident. This type of insurance for RV owners is an especially good idea too for RV enthusiasts who take long trips.
Business auto insurance covers not only damage to the vehicles you use for your enterprise, but also any damage your drivers or the vehicles may cause. You do not want to put your company at risk because of an unfortunate situation.
Farm insurance has provisions similar to other types of insurance and can be used to fill in gaps in those that you carry. These include temporary relocation coverage and medical coverage in addition to liability and property coverage.
If you anticipate having to care for an elderly relative who is in good general health, but may suffer from other issues, long-term care insurance is available to help cover the expenses of off-site adult day care. Having access to this type of help allows you to retain some of your freedom and independence.
Did you know that 25 percent of drivers think that the color of their car affects their insurance rates? The remaining 75 percent have it right: the color of a car has no bearing on insurance premiums.
Because of the amount of equipment and number of accessories on a recreational vehicle, typical automobile insurance may not cover everything. Recreational vehicle policies can be tailored to cover as much or as little as you want so that you have the level of protection you prefer.
Do you have a home-based business? Most municipalities have laws regarding the types of insurance you must carry. These are coverages that are not found in homeowners’ policies and are intended to protect the business and the public.
Crop hail insurance protects against loss from hail. For other types of natural disaster protection against crop loss, “All Risk” or “Multiple Peril” insurance is available. It covers loss from drought, excessive rains, and other non-hail dangers.
Because of the amount of equipment and number of accessories on a recreational vehicle, typical automobile insurance may not cover everything. Recreational vehicle policies can be tailored to cover as much or as little as you want so that you have the level of protection you prefer.
Do you have a home-based business? Most municipalities have laws regarding the types of insurance you must carry. These are coverages that are not found in homeowners’ policies and are intended to protect the business and the public.
Bad weather is always a threat to the condition of your boat; that is why we recommend reviewing and updating your policy at the start of the boating season. In addition, being able to store it safely indoors during the off-season may bring a rate reduction.
Crop hail insurance protects against loss from hail. For other types of natural disaster protection against crop loss, “All Risk” or “Multiple Peril” insurance is available. It covers loss from drought, excessive rains, and other non-hail dangers.
Because of the amount of equipment and number of accessories on a recreational vehicle, typical automobile insurance may not cover everything. Recreational vehicle policies can be tailored to cover as much or as little as you want so that you have the level of protection you prefer.
Do you have a home-based business? Most municipalities have laws regarding the types of insurance you must carry. These are coverages that are not found in homeowners’ policies and are intended to protect the business and the public.
No matter how well insured you are, your coverage may not extend to your travelling, especially if you travel abroad. In addition to available protection against cancellation, sickness, injury, or death, you can also obtain protection against loss from theft.
Most umbrella policies exclude claims connected to the use of so-called "non-traditional watercraft" such as jet skis and air boats. Snowmobiles are not included in the list of exclusions.
Bad weather is always a threat to the condition of your boat; that is why we recommend reviewing and updating your policy at the start of the boating season. In addition, being able to store it safely indoors during the off-season may bring a rate reduction.
Crop hail insurance protects against loss from hail. For other types of natural disaster protection against crop loss, “All Risk” or “Multiple Peril” insurance is available. It covers loss from drought, excessive rains, and other non-hail dangers.
Because of the amount of equipment and number of accessories on a recreational vehicle, typical automobile insurance may not cover everything. Recreational vehicle policies can be tailored to cover as much or as little as you want so that you have the level of protection you prefer.
Do you have a home-based business? Most municipalities have laws regarding the types of insurance you must carry. These are coverages that are not found in homeowners’ policies and are intended to protect the business and the public.
Do not forget that your prized watch is considered a piece of jewelry. If you own an expensive one, especially if it has sentimental or nostalgic value, make sure you have jewelry insurance that covers repair and replacement costs in the event something happens.
For insurance purposes, the most reliable appraisers are those who carry Certified Insurance Appraiser credentials. If you do not know where to locate one, your agent may be able to provide you with a list of those in the area.
No matter how well insured you are, your coverage may not extend to your travelling, especially if you travel abroad. In addition to available protection against cancellation, sickness, injury, or death, you can also obtain protection against loss from theft.
Most umbrella policies exclude claims connected to the use of so-called "non-traditional watercraft" such as jet skis and air boats. Snowmobiles are not included in the list of exclusions.
Bad weather is always a threat to the condition of your boat; that is why we recommend reviewing and updating your policy at the start of the boating season. In addition, being able to store it safely indoors during the off-season may bring a rate reduction.
Crop hail insurance protects against loss from hail. For other types of natural disaster protection against crop loss, “All Risk” or “Multiple Peril” insurance is available. It covers loss from drought, excessive rains, and other non-hail dangers.
