Umbrella insurance provides additional insurance limits over your existing scheduled automobile, homeowners, boat, or other related personal lines insurance policies offering you better protection in the event of a large claim. Umbrella insurance is generally available in increments of $1,000,0000 dollars and can be purchased up to virtually any limit. Because accidents involving bodily injury can be very severe, it is a good idea to consider carrying umbrella coverage to protect your assets.
How Umbrella Works
Imagine you are sued after an auto accident or incident at your home. You are ordered to pay $1,000,000 to cover medical care, lost wages, and legal fees resulting from the accident, but your primary insurance policy only covers $500,000 in damages. This means you are responsible for paying the remaining $500,000 out of your own pocket unless you have umbrella insurance.
If you have $1,000,000 in umbrella coverage, the higher limits kick in once you’ve exceeded the limits of your primary underlying policy. In the example listed above, the umbrella will cover the remaining $500,000 in damages.
What Does Umbrella Insurance Cover?
Umbrella insurance can protect you from the high cost of bodily injury or property damage claims that lead to costly legal settlements or judgements such as:
- Auto accidents that are your fault
- Accidents at your home or on your property
- Accidents caused when operating a watercraft
- Accidents at a rental property you own
In addition, umbrella insurance might also provide extra coverage for "gaps" not covered by your scheduled homeowners, auto or boat policies.
Umbrella insurance provides excess protection above your existing policies in the event you are faced with a large catastrophic claim. If you are involved in a costly lawsuit resulting from an "at fault" accident at your home or on the road, umbrella coverage provides peace-of-mind that your insurance protection won’t run out right when you need it most. With one affordable premium, you can be sure that your insurance will be there to protect you against even the largest of claims.
Beach & O’Neill Insurance Associates can help you identify the right insurance solutions to protect you and your assets including personal umbrella insurance. With our long history in the insurance industry, we know the claim scenarios you are most likely to face and the situations that are most likely to increase your need for umbrella insurance. We can help you extend the limits of your existing auto, home or boat policies by $1,000,000 or more so you can be sure you’re not left exposed in the event of a catastrophic claim.