|
Umbrella Insurance
Essentially, an umbrella policy provides an extra layer of liability protection over each of your existing policies such as home and auto. Many people carry an umbrella policy just in case they get sued. Hopefully, this will never happen, but if it does, then you've got insurance protection.
So, before an umbrella policy can be put into place, you must carry a minimum amount of coverage on your home and auto policies.
Generally, in order to qualify for umbrella coverage, you must have at least $300,000 or more of liability coverage on your home insurance policy. With regards to your auto insurance, you must have at least $500,000/$500,000/$100,000 of liability. If you don't, then contact your agent to raise your primary limits to these amounts.
Rental properties can included under a personal umbrella as well. The minimum amount of liability that you must carry on your policy is $300,000. If you have more, then that's fine.
Additionally, motor homes, motorcycles, boats, and other types of vehicles can be included under your umbrella policy. Again, your agent will guide you as to what the minimum amount of underlying coverage is needed.
Once you've satisfied the underlying liability minimums, then you can purchase an umbrella.
Umbrella policies are available in increments of $1-5 million.
So how does an umbrella work? Once you've increased your liability insurance on your home to $500,000, then add a $1 million umbrella, you now have $1.5 million of liability coverage over your home. The same principle applies to your auto insurance and other policies.
Pricing varies based on the amount of the umbrella and what needs to be included under it. A simple umbrella that includes 1 home, 2 cars and 2 drivers, can be as little as $200 a year for $1,000,000 umbrella. This is also based on clean driving records.
Learn more by speaking with us and getting a personalized quote at 1-888-737-6200.
So, before an umbrella policy can be put into place, you must carry a minimum amount of coverage on your home and auto policies.
Generally, in order to qualify for umbrella coverage, you must have at least $300,000 or more of liability coverage on your home insurance policy. With regards to your auto insurance, you must have at least $500,000/$500,000/$100,000 of liability. If you don't, then contact your agent to raise your primary limits to these amounts.
Rental properties can included under a personal umbrella as well. The minimum amount of liability that you must carry on your policy is $300,000. If you have more, then that's fine.
Additionally, motor homes, motorcycles, boats, and other types of vehicles can be included under your umbrella policy. Again, your agent will guide you as to what the minimum amount of underlying coverage is needed.
Once you've satisfied the underlying liability minimums, then you can purchase an umbrella.
Umbrella policies are available in increments of $1-5 million.
So how does an umbrella work? Once you've increased your liability insurance on your home to $500,000, then add a $1 million umbrella, you now have $1.5 million of liability coverage over your home. The same principle applies to your auto insurance and other policies.
Pricing varies based on the amount of the umbrella and what needs to be included under it. A simple umbrella that includes 1 home, 2 cars and 2 drivers, can be as little as $200 a year for $1,000,000 umbrella. This is also based on clean driving records.
Learn more by speaking with us and getting a personalized quote at 1-888-737-6200.
