Cover Yourself with and Umbrella

In today’s “litigation culture,” with million dollar legal settlements all too common, anyone including you and your family could easily face ruin from a lawsuit, whether serious or frivolous. Even if you won, you’d be out thousands of dollars in defense costs.
A Personal Liability Umbrella can help ensure financial peace of mind by providing coverage up to an amount you’ve selected over and above the Liability limits under your Auto or Homeowners policy. Insurance companies often set minimum limits for Umbrella coverage. If you’re sued, the bulk of the settlement will come from your Homeowners or Auto policy, with the Umbrella picking up the rest. Bear in mind that many insurers will only offer this coverage if they write both your Home and Auto insurance.

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An Umbrella policy also extends coverage for you (and your family and pets) beyond basic bodily injury and property damage to personal injury, property damage, or bodily injury from a variety of exposures ranging from false arrest and defamation to invasion of privacy and wrongful entry. For example, Umbrella coverage would make sense if you own a dog that might snap or bite, or have one or more “attractive nuisances” (such as a hot tub, swimming pool, or swing set), and like to invite guests on a regular basis.

Umbrella coverage is a coverage that is less often triggered, but when it is, the loss is severe. For this reason umbrella rates are generally very reasonable. In most cases a $1,000,000 policy may be available for less than $200 per year!
Depending on your situation, you might consider alternatives to an Umbrella policy, such as increasing Liability limits or raising your deductible under your HO or Auto policies. Also remember that Umbrella coverages vary from state to state. For example, many policies won’t cover claims for punitive damages, intentional acts, or activities related to business.

To make the best choice and make sure that you understand Umbrella coverage and any loopholes and exclusions be sure to check with one of our professional account managers. Call us today at 888-697-6542 oremail us!

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