Top 4 Reasons to Have Umbrella Insurance
If you are responsible for children or dependents, an Umbrella Policy may be a great option to protect yourself even if they caused the accident or claim.
Consider your teen drivers being responsible for a car accident, one of their friend's get hurt on your property, or if a lawsuit arises based on something they said online to a person.
When it comes to yourself and your family, the level of control is in your hands, but if you own rental properties, nothing can be certain.
If someone gets hurt in one of your properties, and that renter does not have the right coverage, you may be left at fault. Or even if a lawsuit arises from the renter themselves. Umbrella Insurance is a critical part of protecting your assets.
Lets say you are walking your dog, and it thought someone was a threat, and your dog bit them and caused injury.
Umbrella Insurance will normally cover bodily injury to others, and if that person who is bitten can not work or has lost wages, and even related medical bills, a Personal Umbrella may have saved you in this situation.
When it comes to hobbies with other types of non-automotive vehicles, you want to stay protected.
Owning a RV, Boat, ATV, or Motorcycle always can open you up to risks, and that extra layer of protection with Umbrella Insurance beyond your regular policies can be a worthwhile and cost effective investment.
Common Umbrella Insurance Questions
How Much Should I Have?
Normally you can purchase between
$1 Million all the way to $10 Million in Umbrella Insurance Coverage. Consider the value of your assets when deciding on a coverage limit. For example:
Your Future Income (5 Years)
Investment Funds (Stocks)
How Much Does It Cost?
As with most insurance, it can vary from person to person, but Umbrella Insurance is easily the most cost effective, but offers the highest level of protection. This is the typical costs of Umbrella Insurance*.
$383 for $1,000,000 Policy
$474 for $2,000,000 Policy
$383 for $5,000,000 Policy
$383 for $10,000,000 Policy
What Are The Requirements?
Umbrella Insurance normally exists in addition to your regular insurance policies. Every company is a little different on their requirements, and have different minimum limits. For example:
Auto Insurance Requirement:
$100,000 / $300,000 Bodily Injury
$100,000 Property Damage
Homeowners Insurance Requirement:
$300,000 Personal Liability
How To Buy Umbrella Insurance
Add To Your Current Company
This is normally the most common way to buy Umbrella Insurance. Not only does this make billing and claims very easy, but it can in many cases save you money on your other policies. Ask us if your current company has an Umbrella.
Buy It With A Seperate Company
Sometimes your current company does not offer Umbrella Insurance, or maybe it is more cost effective to use a different company. You have options for separate Umbrella Insurance policies from over 20 different insurance companies
*Typical Cost of Umbrella Insurance information was based on 2012 Data provided by ACE and is not a garuntee or warranty of official pricing. No information on this page replaces the wording in your policy or manuals and is for general informational purposes only. Link to reporting can be found at: https://www.acegroup.com/assets/attachments/targeting-the-rich-liability-lawsuits.pdf