Insurance 101

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  • Umbrella Policies

  • Standard auto, homeowner and boat insurance policies cover liability a person might have for injuries or property damage suffered by someone else. They’re designed to cover accidents for which the insured person might owe tens or even hundreds of thousands of dollars. However, sometimes the person might be responsible for an accident so catastrophic that the damages are $1 million or more. To provide additional protection when an accident uses up the amounts of insurance provided by the other policies, insurance companies offer Personal Umbrella policies.

    Once the liability limits are exhausted on your home or auto policy, your Umbrella policy takes over and provides another layer of liability protection. Policies typically start at $1 million with coverage available up to $10 million.

    Personal Umbrella policies are growing in popularity. As the tendency to sue for damages rises and awards granted by the courts grow, the Personal Umbrella policy is increasingly seen as an insurance necessity rather than a luxury.

    In particular, you should consider purchasing a Personal Umbrella policy if:
    • Your total assets are greater than your underlying liability limits.
    • You are financially responsible for the actions of a young, inexperienced driver.
    • You live in an exclusive and affluent neighborhood.
    • You have a high profile career or high income.
    • You frequently host guests on your property.
    • Your residence includes a swimming pool.
    • You own waterfront property, a farm, or a ranch.
    • You own watercraft, aircraft, or off-road vehicles.
    • You own numerous rental properties.
    • You engage in extensive international travel for pleasure.

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