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Umbrella Coverage

Umbrella Coverage Information

What is Umbrella insurance?
A personal umbrella policy (PUP) provides an additional layer of liability coverage over and above what is included on your underlying homeowner’s and auto insurance policies.  It is designed to protect against the seizure of your home, savings, investments, other assets, and in some cases even future income due to a serious accident or lawsuit.  The personal umbrella policy kicks in when the limits on your underlying policy or policies have been exhausted.  For example, let’s assume you have an auto insurance policy with a $300,000 bodily injury liability limit.  On the way to work, you swerve to miss a dog and accidentally run into another vehicle causing a serious back injury to the other driver.  The cost of the other driver’s medical bills and lost wages ends up totaling $500,000.  Your auto policy would cover the first $300,000 and your personal umbrella policy would take care of the additional $200,000 that you would otherwise be on the hook for paying out of pocket.  In addition to the added liability protection, the personal umbrella policy offers added coverage for legal defense and for some lawsuits not covered by your other personal insurance policies.   The liability limits on personal umbrella policies are typically available in million dollar increments, but the cost of the added protection is surprisingly affordable. 

Who needs a Personal Umbrella Policy?
A common misconception is that only rich people need umbrella policies.  Rich people definitely need umbrella policies, but the reality is that anyone can have an accident or be the subject of a lawsuit.  With skyrocketing medical costs and unpredictable juries, average middle class individuals can easily find themselves owing more than they are worth in legal fees and judgments.  Without adequate liability coverage, many people could be risking financial ruin.  Whether you are working toward retirement or living off your nest egg, a personal umbrella policy offers coverage that you shouldn’t go without.  Let one of our agents give you a quote so you can see for yourself just how inexpensive it can be.  

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