Umbrella Coverage

When you purchase a home, renters or auto policy, you are typically afforded liability coverage up to the policy’s limit. This means that if you have a large liability claim that exceeds your policy’s limit, you would be responsible for paying the remaining costs out-of-pocket.  

To gain additional liability protections and potentially avoid the financial effects of paying for large liability claims out-of-pocket, consider purchasing an umbrella insurance policy. Nolan Family Insurance is here to help you learn more about personal umbrella insurance and find a policy that may be right for you. Give us a call today to learn more.  

What Is Personal Umbrella Insurance? 
A personal umbrella insurance policy is a type of policy that you can purchase to supplement your existing liability coverage under your other personal insurance policies, such as a homeowners, renters or auto insurance policy. Liability coverage helps protect you and other covered members on the policy against claims of third-party bodily injury and/or property damage. Most policies limit the amount of liability coverage per claim, which is where personal umbrella insurance comes into play.  

If you have a liability claim brought against you and it exceeds your policy limit, your personal umbrella insurance policy may kick in to cover the remaining costs. Without personal umbrella insurance, you would be responsible for paying for costs that exceed the policy’s limit. Additionally, umbrella insurance may provide coverage in areas where your other liability policies do not, such as personal injury claims that involve libel or slander. 

What Does Personal Umbrella Insurance Cover?  
One of the most useful things about personal umbrella policies is their versatility. In most cases, personal umbrella coverage can provide critical aid for the following situations:
 

• Bodily injury—If you are responsible for a neighbor, visitor or other third party being injured and the resulting costs exceed your homeowners or auto coverage limits, your umbrella coverage can pay for the outstanding costs.
• Property damage—If property damage for which you are liable exceeds coverage limits from your other insurance policies, your personal umbrella coverage can provide additional assistance.
• Personal and advertising injury—If you are sued for a personal or advertising injury, such as libel, slander or invasion of privacy, this coverage can help pay for expenses that exceed your coverage limits.
• Legal costs—If a lawsuit is filed against you and your legal costs exceed other policies’ coverage limits, umbrella insurance can help cover the costs to retain your legal representation. 

Who Needs Personal Umbrella Insurance?  
Personal umbrella coverage exists to provide an extra layer of protection for policyholders. When considering this type of insurance, it can be helpful to calculate the value of your assets, including your home, vehicles and other possessions. Once you have this information, review your insurance policies to determine if your current coverage limits are capable of reimbursing you should you suffer significant losses. If not, personal umbrella coverage may be necessary. 

How To Get Started 
To learn more about personal umbrella insurance and whether it’s right for you, contact Nolan Family Insurance today. We can also provide a quote for what personal umbrella insurance may cost you. Don’t wait until it’s too late to get coverage; call us today to get started.  

 

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