Umbrella insurance
If you cause an expensive car accident, assets such as your bank account, real estate, vehicles and anything else of value could be seized if you lose a lawsuit. You may also have to turn over a portion of your wages if you don’t have enough assets to satisfy a judgment.
If you get sued because of an accident, your umbrella insurance starts to pay out when your car insurance liability limits are exhausted and will pay up to the policy’s limit.
You generally want to buy enough umbrella insurance so that your total liability amount covers your net worth. Net worth is assets minus liabilities.
Umbrella insurance is like an extra safety net for your liability protection. It provides additional liability coverage beyond what your typical insurance policies, such as auto or homeowner's insurance offer. If you face a lawsuit and your existing policy limits are exhausted, an umbrella policy kicks in to cover the remaining costs. Its extra coverage to protect your assets and keep them yours.
Do you have specific questions about Umbella insurance or need help finding the right coverage?
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Umbrella insurance is like an extra safety net for your liability protection. It provides additional liability coverage beyond what your typical insurance policies, such as auto or homeowner’s insurance offer. If you face a lawsuit and your existing policy limits are exhausted, an umbrella policy kicks in to cover the remaining costs.
If you are wealthy or engage in activities that could increase your chances of causing an accident, an umbrella policy is wise protection.
How does umbrella insurance work?
Umbrella insurance is versatile; it can cover various situations, from property damage caused by you or a family member to personal liability incidents.
It’s impossible to predict whether you might lose a lawsuit resulting from a car accident or an accident on your property. Nor is it possible to predict the amount that might be awarded to the winning party, an amount that you would be responsible for paying. To protect yourself against the possibility of devastating financial loss from these unforeseen events, you may want to purchase an umbrella.
Your auto and home or renter policy must have a minimum amount of coverage to qualify for an umbrella policy.
what does an umbrella policy cover?
Umbrella insurance provides liability coverage for problems such as:
- Bodily injury to others
- Property damage to others
- The legal costs to defend you in lawsuits related to these problems
- Lawsuits such as defamation, libel, slander, and invasion of property
- Your Legal defense costs
- Your tenant’s injuries or property damage if you are a landlord.
What does Umbrella Insurance not cover?
Umbrella insurance doesn’t cover your own injuries or damage to your own property
Business losses
Criminal acts by you
Intentional acts or injuries by you
Written or oral contracts -if you hire a contractor that you wont pay
Communicable disease
Damage to your personal belongings
Do you have a high risk potential to need an umbrella?
Anyone who has assets they want to keep and protect should consider purchasing umbrella insurance. Here are some other examples that could increase the need for additional liability coverage:
- You serve on a charitable board
- You have kids living at home. Imagine if your kids cause a major car accident.
- Own property
- You have trampolines and swimming pools, or pond which are at-home dangers that could potentially lead to serious injuries an liability claims.
- You have dogs, or other large animals.
- Regularly post reviews of products and businesses.
- Take part in sports where you could easily injure others in hunting, skiing, or surfing.
- Are a public figure
- Coach kids sports
- You manage a family trust
- You host large parties in your home
- You employ household staff
- You own rental properties
- You have a high public profile
- Someone could slip and fall – and suffer an injury – on your property. This can be your primary residence or if you are a landlord, on your rental property(ies).
- Nobody’s perfect.
This is intended as a general description of certain types of insurance and services available to qualified customers. Any description of policy provisions is meant to give a broad overview of coverages and does not revise or amend a policy. Refer to the policy coverage form for a complete representation of the scope of coverage, terms, conditions, exclusions and more. The policy is the contract that specifically and fully describes your coverage. Some products may not be available in all states and may only be offered on a non admitted basis. Product availability is subject to change.
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