Personal Umbrella Liability Insurance

Liability insurance is an essential part of most personal property & casualty policies. Though your personal insurance can of course help you repair your own property, liability insurance is there to help you repay others when you make negligent mistakes that cause them harm.

 

However, there are times when you need more coverage than your standard liability benefits can provide. In these cases, the added benefit of umbrella liability insurance will help you increase your personal protection to your advantage.

 

If you’re interest in learning more about the exceptional benefits provided by umbrella liability insurance, just call Avalon Integra Insurance or request your free quote now.

 

Common Umbrella Insurance Questions

 

What is personal umbrella insurance?

It’s hard to predict when a simple mistake might cause someone else a lot of harm. Liability insurance is designed to help you pay for the harm that you cause to others while protecting you from significant monetary loss. Still, there is no guarantee that a claim will stay within the limits set by your plan. 

 

Should excess cost burdens beckon, personal umbrella insurance is the solution that can provide the extra payout. When a liability claim occurs, the liability coverage on your standard policy will pay up to its limits for the claim. However, if excess settlement costs remain, you can then file a claim against your personal umbrella insurance for the additional assistance. 

 

What does personal umbrella insurance cover?

Essentially, personal umbrella insurance acts as an extra shield when your standard liability insurance doesn’t offer as much coverage as you might need.

Suppose, for example, that your auto liability insurance provides $250,000 in per-person bodily injury liability insurance. If you are at-fault for a wreck, and the other driver gets injured, then your liability coverage will pay that person up to $250,000. 

 

However, if that party sues you for $750,000 in medical bills, then there’s a $500,000 deficit between what your liability coverage will pay and what you might wind up owing the injured driver. To receive coverage for that extra $500,000, you can file a claim against your umbrella policy. 

 

These plans exist specifically because liability suits can be unpredictable, and even when you think you have strong coverage, you might always benefit from added protection.Plus, some umbrella policies can even step in to protect you in certain cases where a standard plan won’t cover you at all. 

 

Who needs a personal umbrella policy?

Umbrella insurance policies are beneficial to anyone, no matter how big or small your net worth, or how much coverage you think a standard liability plan might provide you.

Plans are also very flexible, and with just one personal umbrella plan you can extend excess liability coverage to numerous other policies, including but not limited to your:

 

How much personal umbrella insurance do I need?

Many umbrella policies can provide at least $1 million in additional benefits, and you can buy much higher limits for even more protection. 

 

Talk to your agent about how much coverage is best for you. Based on your net worth and the cumulative value of your personal assets, you might have a lot value in your life that is worth safeguarding. Higher coverage limits might prove essential.

 

How much does personal umbrella insurance cost?

 

Various risk factors and the amount of coverage you choose will influence your umbrella plan’s cost. However, these plans are often very affordable, especially considering the additional benefits they will provide in return. 

 

Your agent is happy to work with you to determine the umbrella liability plan that most easily integrates with your existing personal coverage.