Personal Umbrella Insurance
The concept of Umbrella
Liability is to provide coverage above your
other primary liability insurance. If you have
auto insurance and you have a serious at-fault
accident, you will be sued for negligence. Your
auto insurance should step in to defend you and
pay judgments up to their limit of liability.
However, what if the judgment is
higher than your auto insurance limit? Most auto
policies cover injuries for one person up to
$100,000. It doesn't take too much time in a
hospital to rack up more than $100,000 in
medical bills. There are also lost wages and
pain and suffering issues. If a jury awards
$200,000 to the injured party, who will pay
after the auto insurer pays their $100,000
limit? You guessed it… you will!
A
Personal Umbrella provides coverage over the top
of the auto policy as well as the homeowner and
any other personal exposures you may have. (Like
boats, rental dwellings, second homes, etc.) It
is written in increments of $1,000,000 and can
go as high as $25,000,000 for most companies. In
the above accident, if you have a
Personal
Umbrella, it would pay the extra $100,000 so you
wouldn't have to.
A Personal Umbrella is
not that expensive. Premiums start around $150
annually for $1,000,000. Call us for a quote.
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