Personal Umbrella Policies
Umbrella insurance is extra liability insurance. It is designed to help protect you from major claims and lawsuits and as a result it helps protect your assets and your future. It does this in two ways:
What Does Umbrella Insurance Cover?
Still a bit hazy on what an umbrella policy covers? Well, let's dig into the details a bit. Umbrella insurance provides coverage for:
You're thinking, "I have auto and homeowners insurance that covers some of these situations." True! But, umbrella insurance insures you above and beyond the limits of those policies and covers some situations that aren't covered by the other types of policies.
Here are examples of the types of coverages provided by an umbrella policy and how they protect you:
Bodily Injury Liability – covers the cost of damages to another person's body. Examples include the cost of medical bills and/or liability claims as a result of:
Property Damage Liability – covers the cost of damage or loss to another person's tangible property. Examples include the cost associated with:
Owners of Rental Units – helps protect against liability that you may face as a landlord. Examples include the cost of liability claims as a result of:
Someone tripping over a crack in the sidewalk of your rental property and suing you for damages
Your tenant's dog biting someone and you being held responsible for the injuries
Coverage is also provided should you be sued for:
Need An Example?
So, let's look at an example to help you better understand how an umbrella policy would work to protect you. Let's say you cause an auto accident and the cost of the injuries you cause to others is $500,000. Let's further say that the Bodily Injury limit on your auto insurance is $300,000. Your auto policy will cover $300,000 of the injuries. But who will cover the remaining $200,000? Your umbrella policy will. It will cover the amount above the limit set in your auto policy, up to the limit you choose for your umbrella policy. Now, isn't that peace of mind?
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