Umbrella insurance is extra protection that covers you in case you are sued or held responsible for causing harm to someone else. It acts as an extra layer of coverage above your other insurance policies, like car or home insurance, and helps protect your assets if you face a large lawsuit or claim. It can give you peace of mind and financial security.
Full definition
Most insurance companies offer personal
umbrella insurance policies at around $ 1 or less per day, making this one of the most affordable types of insurance available.
Before you search
for umbrella insurance policy quotes, however, find out what type of coverage is right for you.
That's the biggest reason that average consumers may want to consider supplementing their coverage
with umbrella insurance in order to protect assets like their homes, future earnings and other investments.
Typically, the deductibles
on umbrella insurance policies are very high, running in to the hundreds of thousands of dollars.
If you work for an employer, and you do not have assets outside of your home, you really do not
need umbrella insurance yet.
The commercial
umbrella insurance offered by the company helps clients protect their assets by providing liability limits above and beyond their other policies.
For the sake of cost and convenience, it's best to purchase
umbrella insurance from the same insurance carrier who provides your home and / or auto insurance.
When you decide to start
getting umbrella insurance quotes, its crucial to have a professional by your side that understands your lifestyle, risks, and your budget.
And because
umbrella insurance doesn't kick in until your other liability coverage is exhausted, the risk of a claim against your policy is lower.
Depending on your liability concerns and the possessions you own, you may also consider specialty insurance policies such
as umbrella insurance, jewelry insurance or collections insurance.
You might consider
buying umbrella insurance that provides additional personal liability coverage in excess of your homeowners and vehicle coverage.
It's totally worth paying for
umbrella insurance if you're a homeowner and get any work done by contractors.
Personal
umbrella insurance typically won't protect you from any liability that arises in connection with an oral or written contract you've entered.
If you own a house in an expensive neighborhood and have sizable savings, we'd recommend you increase your liability limits and consider
adding umbrella insurance as well.
To better understand
how umbrella insurance works, it may help to think about where the liability limits on your homeowner's insurance end and where the umbrella limits begin.
If you are looking
free umbrella insurance quotes with the optimal coverage benefits and the lowest rates, you have come to right place.
While those numbers may seem high, insurance experts will tell you that most people who
carry umbrella insurance coverage actually don't carry enough.
Companies sell
umbrella insurance only if you already have either auto or property insurance — usually homeowners insurance, but possibly another policy such as renters or condo.
If you're a member of a group, club, credit union or professional organization, you may want to do some research to find out about various kinds of
umbrella insurance discounts.
Now that you've had a refresher on
what umbrella insurance is and how it works, you may find that having supplemental protection is the right fit for you.
There are a number of reasons that many people decide to
include umbrella insurance as part of their total package of insurance coverage.
It's difficult to pinpoint exactly how
much umbrella insurance is the «right» amount, because you don't know how much a potential worst - case lawsuit could cost you.
Your agent can compare policies, options and quotes from several insurance companies and help you choose the
right umbrella insurance for you.
Phrases with «umbrella insurance»