Personal
Umbrella
Insurance

In this guide

  1. Get that additional layer of protection

  2. Understanding how Personal Umbrella Insurance works

  3. Why Personal Umbrella Insurance may be needed

  4. Get a quote

Get that additional layer of protection

Umbrella insurance is meant to help protect you from large and potentially devastating liability claims or judgments. Personal umbrella coverage comes into play when your underlying liability limits (such as from a homeowners or auto insurance policy) have been reached.

Understanding how Personal Umbrella Insurance works

To understand how umbrella insurance can help, consider the following scenario. If a driver runs a red light and accidentally hits another car, there might be significant damage to the vehicle, and several people might be injured.

With car repairs totaling $50,000 and the treatment of the injuries eclipsing $500,000, the driver at fault may be liable for expenses far beyond their insurance coverage limits. An umbrella insurance policy will pick up the additional liability costs beyond car insurance coverage limits.

Why do I need Personal Umbrella Insurance?

To best answer that question, consider the assets you own and their role in fostering your financial security. Of course, when thinking about assets, obvious items come to mind: your car, house, investment accounts, and checking and savings accounts. But more broadly, your projected future income stream can be considered an asset. It may even prove to be the most valuable asset of all.

In the event that you become the target of a lawsuit for a substantial sum of money but don’t have enough insurance to cover the damages that may arise, the expenses would have to come out of pocket. This could create significant financial hardship. An umbrella policy can forestall the prospect of financial ruin due to an unintentional misstep or an unforeseeable accident.

Check with us to know whether you need additional protection; we can help you find cost-effective umbrella insurance that suits your needs.

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