Homeowners, auto, and watercraft policies have a limit on liability insurance. If an unfortunate accident should happen that is your fault, do you have enough liability insurance from your current policies to cover your costs for negligence? Since no one can predict how much a judge may award the injured person, umbrella insurance is not just for the wealthy anymore, but a needed protection for every policy holder.
Umbrella insurance is designed to give one added liability protection above and beyond the limits on homeowners, auto, and watercraft personal insurance policies. With an umbrella policy, depending on the insurance policy, one can add an additional $1-$5 million in liability protection. This protection is designed to “kick-in” when the liability on other current policies has been exhausted.
With a Personal Umbrella policy, you have additional coverage over and above the liability limits of your underlying policies. Your assets as well as your future earnings are covered.
- You are covered against claims that may not be covered by your underlying policies for Homeowners, Auto liability and Watercraft liability, such as libel, slander or defamation of character.
- You are covered anywhere in the world.
- You are covered for defense costs and attorney fees associated with claims against you that are covered by your Personal Umbrella policy, but not by your primary policies. These expenses are paid in addition to your policy limit.