Umbrella Liability Insurance

What is Umbrella Liability Insurance?

Umbrella Liability Insurance provides exactly the type of coverage that it sounds like it would; it provides an umbrella for you to stand under. Liability issues are everywhere in our litigious society and you never know what could cause someone to present you with a lawsuit. Basically, Umbrella Liability Insurance policies protect you from liability issues that go beyond the liability limits of your standard insurance policies, such as your homeowner’s insurance, car insurance,boat insurance etc. This policy literally puts you under its umbrella so that when you exceed the liability coverage limits on an insurance policy, you will still be protected.

What does an Umbrella Liability Insurance Policy cover?

Most liability coverage that rests within your current insurance policies only covers bodily injury and property damage to others. Many Umbrella Liability policies will extend those limits to not only provide additional coverage limits for bodily injury and property damage, but also to cover things that are not listed under regular liability allowances. Every policy is different, so what is considered a covered liability issue under one insurance policy may not be covered on another insurance policy. Umbrella Liability Insurance could kick in when these situations present themselves and/or you exceed the amount of liability coverage for the events that are already allowed under your insurance policies. Typical coverage limits are $1,000,000, $3,000,000,$5,000,000 and $10,000,000.

Why should you purchase Umbrella Liability Insurance?

You may not think you need an Umbrella Liability policy, but consider this: What happens to you and your family’s assets should you be sued for something that occurred at your home and the legal costs of the lawsuit greatly exceed the liability coverage defined by your homeowner’s policy? Who will pick up the tab if you are responsible for a multi-car accident and your liability costs exceed the limits on your car insurance by thousands of dollars? Although these kinds of things may be few and far between, you cannot be too careful. Umbrella Liability Insurance is typically purchased at a low cost to you, but will provide enough coverage to where you shouldn’t have to worry too much about liability costs and liability lawsuits in the future. Contact Massey, Clark, Fischer, today for more information on Umbrella Liability policies and get a free online quote.