Umbrella Insurance

What is a Personal Umbrella Policy?  An umbrella policy is called an "umbrella" because it  provides additional coverage or "excess liability" over other insurance policies, such as a homeowners or automobile insurance policy.  It can protect you from bodily injury liability claims and property damage liability claims. Umbrella policies also provide a broader form of coverage and can help cover legal fees, false arrest, libel, and slander.

Is the liability coverage on your auto or home insurance policies enough to cover all of your assets?  If not, you might want to speak with your Absolute Insurance agent on whether a Personal Umbrella Policy is a good fit for you and your family.  A Personal Umbrella Policy provides liability over and above your other personal insurance policies such as your auto, home, boat, and motorcycle policies.  

Who might need a Personal Umbrella Policy?  Anyone who wants to protect their personal assets might want to investigate purchasing an umbrella policy.  Review these statements below to see if you should contact an Absolute Insurance Agent about getting an umbrella policy.  Do you:

• Own a home
• Have children
• Own a dog or other animals
• Own a boat, jet ski, motorcycle, recreational vehicle, or snowmobile
• Have a pool
• Have significant assets
• Provide alcohol to guests

When would an umbrella insurance policy come into play?  Here are a few examples:
 

1. Let's say that you have $250,000 liability coverage on your auto insurance policy.  You are involved in a car accident and you are at-fault.  The driver in the other car was seriously injured and medical bills rise to $500,000 for the driver.  Your auto insurance only covers the first $250,000 - who covers the remaining $250,000?  Your umbrella policy would.  
2. You are walking your dog and your dog jumps up excitedly on your neighbor.  Your neighbor slips and falls, breaks their hip.  The neighbor sues for more than the liability coverage on your homeowners policy.  Who covers the remaining amount?  Your umbrella policy would.
3. You out on the lake in your boat.  You run into a water skier, causing significant injuries above the coverage on your boat policy.  Who covers the remaining amount?  Your umbrella policy would.
4. Your child is out on your snowmobile with a passenger.  They are going too fast around a bend and have an accident.  The passenger is seriously injured and sues for limits above the recreational vehicle liability limit.  Who covers the remaining amount?  Your umbrella policy would.

If you are interested in obtaining a quote for the price of an umbrella insurance policy, please contact us at (515) 279-2722.