shield yourself from the liability of a catastrophic claim.
What is Umbrella Insurance?
Umbrella insurance is a form of liability insurance that supplements basic liability policies like auto, home, and renters. It has a much higher limit and covers claims that are excluded from those coverages. The primary goal of an umbrella policy is to protect your assets against unexpected events like a tragic accident resulting in injury, death, or property loss. If you are found legally responsible for such an incident, an umbrella policy will pay for the damages up to the policy limit.
An umbrella policy can come into play if you are sued and need to pay for a legal defense ---- even if you are not found liable. The policy pays out once all other basic coverages are exhausted or if the claim is not covered by your basic policies.
Your car, house, investments and retirement accounts, as well as your normal checking and savings accounts, are all considered assets. It is important to know that if you are sued for a lot of money and do not have enough liability insurance or an umbrella policy to cover those costs, all of your assets are exposed. People typically choose to by an umbrella policy to cover those costs because they want to prevent the possibility of financial ruin due to one misstep or unforeseen accident. Umbrella insurance can provide the protection to prevent such an outcome.
Umbrella Policies (Prices Will Vary)
Coverage for an umbrella policy typically starts in the range of $150-$200 for a $1,000,000 policy. Your premium will increase if you decide to increase the coverage. However, getting twice the amount of coverage and increasing the policy limit to $2,000,000 will not usually double the cost of your premium. If a claim is made against you on behalf of a wronged party, then your insurance company will pay the settlement amount up to the limits of your coverage. If the settlement exceeds your coverage limits, you are responsible for paying the remains amount out of pocket. The best umbrella policies start with a comprehensive review of your assets and potential risks to minimize the potential that a claim would exceed your coverage limits.
Getting the right umbrella coverage starts with expert consultation. We will review your assets and any previous policies, explain all the options, and craft personalized coverage. Plus, our access to the top carriers means that you will get the policy you need at a price you can afford. We look forward to serving you!