Umbrella Insurance

What is umbrella insurance? In short, this type of insurance coverage is extra liability insurance. It’s designed to help protect you from major lawsuits and claims, which protects your assets now and in the future. As an independent insurance agency, we work with several umbrella insurance companies to help you find the best coverage at a rate that fits your current budget.  

Get a Free Umbrella Insurance Quote Today!

Ready to see how much we can save you on your current umbrella insurance policy or need to check on a new umbrella policy? Give us a call now at 1-303-623-1997 or contact us using the button below. 

What Is Umbrella Insurance?

Umbrella insurance is the type of coverage that protects you in the case of a major claim or lawsuit against you. It provides you a way to protect your most valued assets. It does so in two different ways;

 

  • Umbrella insurance can provide you with additional liability coverage above the limits you have on your homeowners insurance, auto insurance or boat insurance policies. This type of protection is meant to kick in when the liability of your other policies are exhausted.
  • It also provides coverage for claims that may be excluded by other liability policies, which may include slander, false arrest and libel.

What Can Umbrella Insurance Cover?

You likely have questions about what umbrella insurance coverage would protect. There’s actually a few different things an umbrella policy can cover. Let’s check them out. You’re just a few moments away from getting a great rate on your car insurance. To ensure we can help you right away, there’s a few things that you’re going to need for your auto insurance quote.

 

  • Damage to Properties
  • Injuries
  • Personal Liability Scenarios
  • Some Lawsuits

While you may have homeowners insurance that covers these in your policy, umbrella insurance insures you above and beyond the limits of your current policies. It can also cover some scenarios that your current policies don’t cover. The good news, this extra protection is affordable, rates today are likely not as high you thing. You can give us a call today for a free umbrella insurance quote.

Umbrella Policy Coverage

We want to give you more insights and details to what specific umbrella policies can cover. 

Bodily Injury Liability – This type of umbrella coverage will cover the cost of damages to another person’s body. This can include both liability claims or medical bills that may be caused by;

  • Harm caused to others by your dog
  • Injuries to others in an auto accident that is your fault
  • Injuries sustained to a child that was injured on your property
  • Injuries sustained to a person injured in your home

Property Damage Liability – This type of policy would cover the cost of damage or loss to another person’s tangible property. This could include the cost of;

  • Damage claims if your dog would break a person’s gold necklace
  • Damage to a vehicle or property as a result of an auto accident that is your fault
  • Accidental damage to school property caused by your child

Owners Of Rental Properties – This coverage helps protect you against liability that you could face as a landlord. Such examples would include the cost of liability claims that would result caused by;

  • Someone tripping over a step on your rental property and is suing you for damages
  • If a tenant’s dog bites someone and they’re saying you are responsible

 

Umbrella Insurance Can Also Cover

These are just a few examples of the specific scenarios that umbrella insurance can protect you. Let’s look at a few specific things that is also covered in umbrella coverage. 

  • False arrest, imprisonment or detention
  • Slander – injurious spoken statement
  • Libel – injurious written statement
  • Shock or mental anguish
  • Malicious prosecution
  • Other personal liability scenarios 

 

Who Needs Umbrella Insurance?

If you’re not sure you need an umbrella insurance policy, this can help.

  • Someone who has significant assets or savings
  • Own things that may lead to a lawsuit, such as a pool, trampoline, dogs
  • Someone that owns property
  • Someone who engages in things that increase your chances of being sued, such as a landlord, coaching, serving on non-profit board, volunteer work, politics, ect.

A large lawsuit can change your life forever for the worse. Umbrella insurance gives you the protection you need against liability claims and the peace of mind knowing you’re covered. When you think about it, nearly everyone can benefit from an umbrella policy.

How Much Umbrella Insurance Do I Need?

The general rule of thumb is to buy umbrella insurance that will at least cover your net worth. This would include your income, assets, even savings. If you’re likely to make future income, you may want to protect that too.

It’s tough to say exactly how much umbrella coverage you need. Most umbrella policies start at $1M in coverage, so it’s a fair amount of coverage to start with just in case you’re not sure. 

Buying Umbrella Insurance 

There’s a few things you need to know before you buy umbrella insurance. 

For example, most companies that sell umbrella insurance require you to have homeowners insurance, property insurance or auto insurance. It’s possible that they would accept insurance coverage types such as renters insurance or condo insurance. You’ll also likely be required to buy a minimal amount of liability insurance on those coverages before you’ll be allowed to buy an umbrella policy.

We understand umbrella coverage can be tough to navigate on your own. You can reach us at 1-303-623-1997 to get all of your umbrella policy questions answered right away.

Shop And Compare The Best Umbrella Insurance Rates Today

You’re only one phone call away from getting the right coverage at a great rate. Ready to start comparing car umbrella insurance rates? Give us a call today at 1-303-623-1997 to get started.  

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Get In Touch

Do you have a question about an umbrella policy or need to get a free quote? You can reach our office by calling 1-303-623-1997 or you can use our web form below.