Umbrella
If you have savings and assets valued at more than the liability limits in your homeowners, auto, and other policies, umbrella insurance could help protect them. Umbrella insurance provides extra liability protection beyond the maximum liability coverage typically found in your other policies.
With your home and auto policies in place, you have liability coverage in both. But with today’s high medical costs, it may not be enough to pay for a serious accident that occurs.
How It Works.
If there is a serious accident that you are liable for that is covered by either your home or auto insurance policy, that policy will pay for the medical bills up to its stated maximum payout. After that, you’re responsible to pay the rest. That’s where umbrella insurance comes in.
- Umbrella insurance kicks in once the maximum of your other policy has been reached.
- It will pay the overage up to its own maximum.
- This gives you far more liability coverage than you would have without an umbrella policy, and it can help you not have to pay an overage out of pocket.
Who Needs Umbrella Insurance?
Most homeowner policies don’t offer liability coverage above $500,000. If your net worth exceeds $500,000, you may want umbrella insurance to protect your assets from personal liability claims. Without it, those assets will only be protected up the amount on your existing policy, and a costly accident could cause you to lose what you’ve worked hard for.
Request A Personal Risk Review.
See what a review of your current insurance coverage uncovers. You may find that you’re adequately protected. You may find otherwise. Either way, you deserve to know for your peace of mind.