Personal Umbrella Policies

Umbrella Policies
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Personal Umbrella Policies

What it Is/What it Covers: An umbrella policy is excess liability insurance coverage over and above that which is covered by basic homeowner or automobile insurance. In picking up where homeowne .

What it Is/What it Covers

An umbrella policy is excess liability insurance coverage over and above that which is covered by basic homeowner or automobile insurance. In picking up where homeowner and automobile policies leave off, it is an extra layer of protection against lawsuits resulting from damage to someone else's property or injuries as the result of an accident. It also protects against false claims and intentional acts such as libel, slander and vandalism by minors, and covers false arrest, wrongful entry, invasion of privacy and more.

Why You May Need It

Lawsuits abound. Incidents such as an auto accident in which you�re sued under your auto insurance policy; or in which your neighbor falls on your property and you�re sued under your homeowner's insurance; or even a natural disaster in which a tree on your property crashes down on a neighbor's vehicle or home are becoming more and more prevalent. The amount that juries award in these cases are often unpredictable and expensive.

It is a good idea for those who have underlying wealth and assets that need to be shielded against such lawsuits to consider an umbrella policy. If you have average assets and low risk exposure, you most likely do not need the additional coverage an umbrella policy offers. But, if you have substantial income, whether your assets are built up or not, or if your lifestyle exposes you to higher lawsuit risks, an umbrella policy may be well worth your investment. Even officers or board members for not-for-profits may be sued for the activities their organizations are involved in.
A good question to ask yourself is whether you have assets that you don't want to put at risk in the event of a catastrophic liability.

What You Should Know Before You Buy

The premium costs of an umbrella policy are usually much lower if the policy is purchased from the same provider with which you hold your automobile and homeowner's policy. The average cost for most umbrella policies is approximately $200 to $300 a year for about $1 million in coverage. The policy holder is usually required to have $250,000 to $300,000 in base liability coverage under your homeowners insurance policy, as well as a minimum automobile policy of $100,000 to $250,000 per person, and $300,000 to $500,000 total occurrence for bodily injury and $100,000 to $250,000 for property damage. This amount varies among insurance carriers.

How it Works

Example: You are sued and have settled for $1 million. You pay a $1,000 deductible for your basic policy (auto or homeowner's), which, in turn, pays $299,000. The umbrella policy will then pay the remaining $700,000, because the $300,000 deductible has been met. You pay nothing but the initial $1,000 deductible for your basic policy

Latest News for: Umbrella Policies

Collins Establishes New Facility to Help Regional Insurers Write ... - Insurance News Net - One reason is that umbrella policies provide high limits of coverage for comparatively low premiums. This is rarely an issue for major national insurance companies that can develop a more balanced portfolio of umbrella coverage derived from their ...
State Farm Files Request for $204 Million Auto Rate Reduction Along ... - HispanicBusiness.com - If approved by the Department, policyholders who have maintained their policies with State Farm for an extended period of ... Home owners who also have a Personal Liability Umbrella Policy with State Farm will received a 20 percent discount, up from ...
About Homeowners Insurance - WHO-TV - Homowners policies guard you against personal injury or damage caused to someone else while on your property. Because ... You may be eligible for discounted premium rates if you purchase a homeowners, automobile, or excess liability (umbrella ...
today's blogs - Slate - ... CAP says only, "The Chamber will use the results of the analysis to formulate and aggressively advance public policies to ... page story, USA Today's Jill Lawrence reports on a resurgence in union membership across the nation and the two main umbrella ...
County seeks to reduce crash claims - Leader-Herald - The policies were renewed for a period from Sept. 1 to Aug. 31, 2007. VanGorder said the county has had a $10,000 to $12,000 savings in its umbrella policy in the past year, which had 188 claims. “Yes, we need to work on some driver training,” he ...
Members of Freebirds program work in construction company - Tribune-Star - Now he is instrumental in the operation of the construction company, which falls under the umbrella of Freebirds Small ... In addition, the workers are held to a high standard, including a dress code and strict language policies. Falls said the ...
Latest News - dBusinessNews.com - Umbrella Bancorp, Inc. Announces Execution of Agreement to Sell Flower Bank, fsb to American Home Mortgage Investment Corp. ... Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies ...
Expanded NATO looks for new role - Christian Science Monitor - Safety umbrella As a political organization, NATO is important to both the Europeans and the Americans, analysts say. The ... It also offers the US a ready pool of potential allies to support its global policies and lend them legitimacy. "If the ...
Indiana slowly ponders Great Lakes pact - South Bend Tribune - It brings Canada under its umbrella, which provides legal standing for compact-based decisions in both countries. And it ... Naftzger said that gives the compact more legal "durability" than existing policies, because it limits water uses within the ...
Hackers, Scammers Hide Malicious JavaScript On Web Sites - TechWeb - ... to Dan Hubbard, the senior director of security and research at Websense, a family of obfuscation routines with the umbrella ... CipherTrust, who will discuss best practices for ensuring outbound messaging security and compliance with corporate policies ...