What is an umbrella?
You may be familiar with the device you use to shield or protect you against rain or sun. (Keep the image of this umbrella in mind as we continue forward.) An insurance umbrella provides coverage above your homeowner insurance policy and your auto insurance policy, and helps protect you from high valued claims, provides legal defense, and peace of mind.
The Basics
- There are minimum basic liability limits required on the underlying insurance coverage (your home insurance liability limits and your auto insurance liability limits) below the umbrella policy. (Remember that umbrella image? In addition to yourself under the umbrella, image the umbrella is large enough for your home and your cars!)
- Umbrella limits of excess liability start as minimal as $1Million dollars. Other greater amounts are available, depending on your assets.
- Remember: You do not have to be a millionaire to be sued like one.
- Anyone with a job who expects to keep the income they earn, could benefit from having an umbrella policy.
- Often times, the insurance company who insures your home and car, may be able to insure an umbrella policy too. This is not always the case.
- Businesses can also benefit from a Commercial Umbrella Policy.
How It Works
- If there is an auto accident or an incident at your home, where the injuries or damages done exceeds your car insurance or home insurance liability limits, a Personal Umbrella policy, this insurance policy is your secondary insurance protection. It will come into play once the liability insurance limits you have selected, are exhausted.
Are They Expensive?
- Umbrella policies are quite affordable, in general.
- Factors to determine premium include:
- Your home,
- drivers,
- driving records,
- and amount of coverage your purchase.
- Many companies offer billing options.
Interested To Learn More?
Our Consultative Insurance Group team is available and willing to help you review your insurance needs and through our consultative-insurance process, help you determine what umbrella protection suits your needs and your budget. Share this news with a friend!
Give them a call or visit any of our office locations:
Olmsted Falls, OH (440) 235-1442, Strongsville, OH (440) 238-5300, Columbia, SC (803) 772-6969 or Myrtle Beach, SC (843) 353-1974.
