In our litigious society – where approximately 15 million civil lawsuits are filed annually – an umbrella policy is a must-have. It’s coverage that kicks in where your homeowners and auto policies leave off, providing you with extra protection and peace of mind should the unexpected happen and a claim or lawsuit be filed against you.
How umbrella policies work
If your homeowners insurance has a liability limit of $300,000, you may add an umbrella policy with an additional $1 million of coverage. That would give you a total of $1.3 million dollars of protection should someone be injured at your home. Similarly, an umbrella builds on the liability coverage your auto policy provides. If you are sued, your home or auto policy kicks in first and your umbrella policy covers the excess.
Home + Auto + Umbrella = Total Protection
You can’t afford not to have umbrella coverage
With policies of $1 million of coverage starting at as little as $20 a month, financial experts agree that an umbrella policy offers the best value for the dollars you spend on insurance to protect your family and assets. Additionally, raising the deductible on your homeowners policy from $500 to $1,000 typically reduces your homeowners premium enough to cover the cost of a $1 million umbrella policy.