You’ve worked so hard for your family, automobile, home, savings account — your entire life’s work. Personal umbrella insurance can help you protect these major assets from the unexpected. Some people think of Umbrella Insurance as “lawsuit protection”. We all see the attorneys advertise on TV every day.
Umbrella insurance provides additional liability coverage — over and above the limits on your automobile and other personal liability policies. This extra protection is available in $1 million increments up to $10 million and it’s NOT expensive. $1million dollars of coverage can cost less than $1 dollar a day. How’s that for peace of mind?
What is umbrella insurance?
An Umbrella policy is a very affordable way to keep an unexpected or extraordinary event from becoming a complete financial life-changer and turning your world upside down. Consider this: The average jury award for automobile accidents involving bodily injury and property damage exceeds $300,000. Liability awards for accidents in the home can be just as large.
What does umbrella insurance cover?
A standard umbrella policy provides additional liability coverage for:
- Your primary residence
- Two motorized vehicles
- Small Sailboats
- Motorboats with fewer than 50 horsepower
But you can also add optional umbrella coverage for other property and situations: Additional motorized vehicles; secondary or vacation homes; rental properties; unlicensed recreational vehicles; jet skis and jet sleds, vacant land; and uninsured/underinsured motorists.
Additional Umbrella Policy Features you might not know about
Personal umbrella insurance follows you anywhere in the world, and features additional coverage your underlying policies might not include. For instance: It can help with legal fees and damages if you’re accused of slander in a social media post.
Add umbrella insurance coverage to existing liability coverage
An umbrella insurance policy builds on the liability coverage of two underlying policies: auto and homeowners or renters.