A personal umbrella insurance policy provides coverage designed to protect you from large liability claims that could be devastating to your financial situation. The policy allows you to choose the limits you need to cover gaps in your standard insurance policies and provide protection against personal injury. Personal insurance covers things like bodily injury, personal injury, property damage, and landlord liability. It typically does not cover personal belongings, business losses, intentional criminal acts (like vandalism), or written or oral contracts.
While your primary insurance policies generally carry liability coverage, these limits can quickly become exhausted during a major event. For example, if you’re at fault in an auto accident and the other driver experiences significant injuries your auto liability limits might not cover medical expenses. A personal umbrella insurance policy can extend this coverage to take care of the additional costs. Still, umbrella insurance does more than provide secondary coverage. The policy is used as primary coverage when gaps exist in your standard insurance policies.
Additional Liability Coverage
Many people mistakenly think umbrella insurance isn’t for them because they don’t have expensive possessions or property. However, there are situations where standard policies don’t cover the full scope of damage caused by an accident. A personal umbrella policy can provide additional coverage beyond your standard liability on any of the following personal policies.
- Recreational vehicles
Your personal umbrella insurance provides liability coverage. There are some instances in which you might need liability coverage that isn’t offered by standard personal insurance policies. Your umbrella insurance can provide coverage for significant non-business liability claims not covered by your other policies like libel, slander, and defamation of character.
Legal expenses can add up quickly. Your personal umbrella insurance will provide coverage for the following legal costs if you need defense for a covered claim.
- Defense costs
- Interest on unpaid judgments
- Premiums on appeal bonds
- Reasonable costs incurred by your insurance agency or reasonable costs incurred by you at your insurer’s request
Limits and Deductibles
Personal umbrella insurance limits vary widely. In fact, you can get limits ranging from $1 million to $50 million in coverage. Deductibles often apply to a covered claim when there is no underlying coverage.
When you’re facing such a big range of coverage, finding exactly what you need can seem difficult. The experienced independent agents at LoPriore can help you determine the exact amount of coverage you need. At LoPriore, our motto is insurance that fits your lifestyle. We’re passionate about insurance products and providing our valued customers the service they deserve. That’s why we always take the time to listen to your needs and explain all of the options available to you. Our independent insurance agents have the advantage of working with several insurance companies which is why we can provide you with the very best coverage at the most competitive prices.