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Insurance Umbrella Policy
An Umbrella policy provides coverage over your auto and homeowners liability policy limits providing you with extra protection. Renters need to obtain a renters policy to provide them liability and personal property insurance. An umbrella policy could provide coverage for defamation or invasion of privacy lawsuits.
Lawsuits can happen to anyone. Your car strikes a school bus or an intersection accident, a visitor falls on your property or your tree crashes into your neighbors home.
Umbrella insurance can provide coverage, based on your selection, from 1 to 5 million dollars or more (higher limits should reflect calculations based on your net worth or other reasons) over and above what your auto or homeowners underlying limits can pay. If you have an auto claim against you for $750,000 and your car insurance pays a maximum of $300,000, who pays the $450,000 balance ?? If you have a 2 million dollar umbrella, the umbrella policy will pay the $450,000 balance provided that you have the underlying limit required by the Umbrella Insurance Company so that you will not have a coverage gap. No umbrella ?? At this point your’re considered self-insured and you must pay the $450,000 balance from your bank accounts, other assets or possibly future income.
Premiums for umbrella policies can be affordable and can based on driving records, residents in your home, teen drivers, and other criteria. You also need to maintain a certain amount of liability insurance limits on your car and home.
Some umbrella policies exclude coverage for certain activities. You may need to purchase a rider to cover your in home business but people you employ at home or contractors and individual you hire to fix your home need their own liability insurance.
Please call for more details and info !!
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