A personal umbrella insurance policy is a liability policy that protects your assets above and beyond the protections provided by standard policies. Standard polices DO NOT offer unlimited coverages.
If you’re found liable for injuries to another party in an accident, standard coverages might not provide adequate coverage. Their payouts can be exhausted. What happens then? You pay the rest.
Umbrella policies can be used to provide extra liability if you own the following:
- Primary/Secondary/Vacation Homes
- Rental Home/Condo/Townhouse
- Personal Watercraft
- Golf Cart
Personal umbrella insurance prevents an injured party from going after your personal assets. These policies can typically provide limits of up to $1, $2, $3, $5—even $10 million. However, at A.G. Family, we can help you find coverage for over $10 million if necessary.
Umbrella policies come in two types:
- True umbrella – This policy type begins payment at dollar 1.
- Excess liability – This policy type is more prevalent than true umbrella. It begins paying after minimum, underlying liability limits are fulfilled:
- $250,000 for automobiles, watercraft and RVs
- $300,000 for homes and boats
If you have assets over $250,000 (many homes worth this much or more), we strongly recommend a personal umbrella policy.
However, even if you don’t have $250,000 in assets, personal umbrella insurance isn’t a bad idea. If you’re found liable for an accident that causes injuries to others or, worse, loss of life, your current and future earnings and assets could be at risk.
It can happen. At A.G. Family, we have, unfortunately, seen such claims. And umbrella/excess liability policies aren’t as costly as you might suspect. They typically cost between $200-$450 annually. On balance, this is a small price for protecting everything—past, present and future.
Gina and her staff at A.G. Family will conduct a thorough policy review with you, discussing and explaining all your options for umbrella coverage. We care deeply about you, your family, your assets and your future. We’ll work hard with you to ensure that, in the event of a claim, there are no there are no surprises gaps in coverage.
A.G. Family Insurance: One agent, one call...one agency rooted in family.