What is an Umbrella Policy?

What is an Umbrella Policy?

Most of us have auto and home coverage, but having protection against a catastrophic liability claim is often overlooked. Would you have enough coverage if something tragic happened to you?

An Umbrella policy is personal liability coverage that covers above and beyond your current auto, home, tenant, or condo insurance (depending on what you have). This is extra protection above the current coverage limits. For example, if you purchase an umbrella policy worth 1,000,000, and you have a limit of 100,000 per occurrence, and a 300,000 per policy period on your home/auto policy, this gives you an extra 1,000,000 above your 100,000 for any personal liability incident.  

Umbrella policies can provide coverage for injuries, property damage and certain lawsuits.

So…is an Umbrella Policy worth it? 

Unfortunately, bad things sometimes happen – and no one is immune. When it comes to truly terrible events, many people have the “it can’t happen to me” mentality. However, it could happen to anyone, and it could mean financial ruin if you’re not properly protected.

However, by simply driving a car, owning a home or entertaining friends, the possibility exists that a tragic accident could occur… and potentially, a costly lawsuit.

If a court decides you owe more than the limits of your auto, boat or homeowners policy, your personal assets could be at risk. This includes cash, such as your savings or future wages. In some states, even your retirement savings and your home could be up for grabs.
An umbrella policy offers higher levels of coverage and affordable, worldwide protection for you and covered family members. That means you can relax and enjoy more of the good times that life has to offer.

You never believe something like this will happen to you until it does. You’ll be surprised at how inexpensive an Umbrella policy can be (and how much extra coverage you can get!) In fact, an extra $1 million in coverage could cost you less than $20 a month! Give us a call or start your complimentary proposal online here and let’s make sure you’re protected.  


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