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What is an umbrella liability insurance policy?

 

 

An umbrella liability policy is an insurance policy designed to increase your liability protection over your home, auto, and other vehicles where you may have an underlying insurance policy. The umbrella coverage provides an additional amount of insurance over what your current policies have for limits of liability.


The typical insurance policy may only go up to $500,000 depending on the insurance company. Although this might be adequate to cover some claims, it only takes one serious accident to result in a million or multi-million dollar lawsuit.


 The umbrella insurance takes over when the liability limit on the home, auto, or other insurance policy is exhausted. The yearly cost of an umbrella insurance policy is anywhere from $150 to $500 depending on the risk.


All umbrella policies require some degree of underlying liability insurance which is usually $250,000 to $500,000 depending on the type of policy. The umbrella policy may surcharge you if your limits are too low or may require that you raise them first.



Do I need a personal umbrella?


An umbrella liability insurance policy is no longer just for the wealthy. If you own a car, home, or just don’t want your future earnings garnished, umbrella coverage is for you. With today’s society being so litigious, an umbrella policy is quite simply for everyone.  


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