Umbrella Insurance

Most of the time, your standard insurance policy will provide plenty of coverage, but what happens if you need more coverage than your plan allows? This is where Umbrella insurance comes in.

Contrary to popular belief, Umbrella insurance isn’t just for wealthy, high-earners. It’s a smart type of personal insurance to have for most people, including anyone who falls into these categories:

• Homeowner
• Car owner
• Watercraft, ATV, motorhome or other recreational vehicle owner or renter
• Parents, especially if there is a teenage driver in the home, as this could be a high-risk situation
• Pet owners
• Anyone who uses social media
• People who entertain guests at their house
• Anyone who volunteers or serves on a board
• Those traveling abroad
• People who own rental properties

As you can see, virtually everyone could benefit from having extra protection.

What does it cover?

Personal umbrella insurance gives a boost to your home or auto insurance policy, and it also protects you from other potential risks, and you can purchase limits, if you qualify, for up to $100 million.

This additional coverage includes:

• Personal injury coverage – In today’s era of social media, people are much more susceptible to being sued for libel, slander or defamation of character. Personal injury coverage can help with the damages.
• International coverage – This covers you for incidents that happen outside of the country.
• Defense coverage – If needed the Insurance company will cover cost to provide you with Council and defense cost. This coverage will protect you and not deplete your Umbrella coverage as defense cost are in addition to your purchased limit.

Umbrella insurance is similar to excess liability but with one notable difference. Excess liability can only be used to supplement insurance you already have, whereas an umbrella policy covers from first dollar and much more. For example, if you rent a boat, but you don’t have boat insurance, you won’t be protected with excess liability. However, an umbrella policy will provide you with liability coverage in the event of an injury to your guest.

Why do I need it?

Life can be unpredictable and throw unexpected curve balls your way. Something could happen that’s not even your fault, yet you’re held financially responsible. This could include someone falling on your property after your dog startled them. If your standard policy maxes out, then you’ll need additional coverage or risk losing your assets, including your home, personal property, savings, and investments. If you don’t have enough protection to cover these costs, your future income is at risk, too.

Claim examples – How coverage works

Insurance policies have a limit when it comes to how much coverage they can provide. It’s not unusual for policyholders to opt for lower amounts of coverage to save on premiums. And, even if they get the recommended amount, their car insurance may cover only $500,000

If you’re involved in a multi-vehicle, injury accident, the cost of medical care and property damage can skyrocket. However, if your limit is $500,000 of coverage and your liable for $800,000 worth of damages, having an umbrella policy can cover the extra cost as well as pay your legal fees.

Why Click2bind for your umbrella insurance?

As an independent agency, we have access to multiple carriers. We do all the research and comparison shopping for you, helping you lock in the most competitive prices while getting a plan that best fits your needs. We take a data-driven approach to find the perfect policy so that you have the coverage you need without paying for the things you don’t.

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