WHAT IS UMBRELLA INSURANCE?
An umbrella policy (also known as excess liability coverage) provides liability protection above your standard homeowner, auto or boat insurance.
WHEN DO I NEED AN UMBRELLA POLICY?
Below are some examples of when an umbrella policy would be beneficial.
- Significant property damage or liability
o Your standard auto insurance liability limit may be exhausted if you are at fault in an auto accident where you destroy another vehicle and/or cause injury.
- Serious bodily injury liability
o Your homeowner’s insurance liability limit may be insufficient to cover medical and other costs related to someone getting injured at your home (for example, a guest falling off your balcony, bitten by your dog, etc.).
- Landlord liability
o A tenant might file an expensive suit over an injury sustained while renting your property.
- Libel or slander
o Lawsuits could result from something that you say or write about another person. With social media today, these types of lawsuits are becoming commonplace.
Without an umbrella policy, you are opened up to potential catastrophic financial loss. We recommend adding an umbrella policy to protect you from the unexpected.