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Beginner's Guide to Personal Umbrella Insurance



Personal umbrella insurance serves an essential purpose, as it provides liability protection beyond the insurance limits of your vehicle, home or boat. Every insurance has limits, and the personal umbrella insurance begins when you have exceeded these limits and extended your protection if you make a claim or lawsuit against you.

Should I have a personal umbrella insurance?

One of the most important protections provided by a personal umbrella insurance is the ability to pay for the damages in a serious personal injury accident, which can far exceed the limit of your car insurance. If your insurance limit is exhausted, a lawsuit can be filed in an attempt to get the difference. If successful, an assessment can affect your pension accounts, bank accounts, investment accounts or other assets.

What does umbrella insurance cover?

Umbrella insurance covers what your car, home or boat insurance does not cover, including:

  • Claims for bodily injury
  • Personal injury penalty
  • Damages on property
  • Claims for landlord liability [19659059] Umbrella insurance [1965901000] If you own a home, umbrella insurance can be taken out as a lifesaver. When damage to your home exceeds the limits of your current insurance, you pay for the difference in your pocket. These guidelines cover a range of potential issues that may affect all families, such as dog bites or claims for damages filed against a family member.

    Which umbrella insurance is right for me?

    When you buy umbrella insurance, the first step is a complete valuation of your home and property, bank account balances, investment accounts and other assets. For maximum liability protection, you should have enough umbrella insurance to reimburse all your assets if a lawsuit is filed against you or a family member. This insurance is usually sold in increments of $ 1 million.

    Who needs umbrella insurance?

    Some people need umbrella insurance more than others. For example, if you rent real estate, hire staff at home, have a trampoline, pool, hot tub or host large parties in your home, you should invest in umbrella insurance. If a guest in your home is injured on your property, your home insurance may not be enough to cover the cost of damages – and you could be sued by the injured party and have catastrophic financial consequences.

    How Much Does Umbrella Insurance Cost?

    The cost of umbrella insurance varies depending on the amount of coverage you purchase. In general, it is very affordable. The average price is between $ 150 and $ 300 per year for $ 1 million in coverage, as reported by the Insurance Information Institute . In most cases, the insurance company you choose will require you to have a certain level of car, home or water shot insurance, as the limits for these insurances must be exhausted before the umbrella insurance pays.

    How to choose the right Umbrella insurance

    You have a unique situation. The first step in finding the best insurance for you is to evaluate your financial situation, your level of risk and your current insurance policies. We invite you to meet one of our qualified, friendly agents to review your case and give you advice on the different types of umbrella insurance available. We can help you find the policy that offers the level of liability protection that is best for you.


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