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What Is An Umbrella Policy?

Protecting your family and assets is a goal of personal umbrella insurance and it is designed to give additional liability coverage such as homeowners and auto insurance.

Benefits of Umbrella Insurance

Umbrella insurance can help with accidents where you have liability up to the limit of the policy. It normally extends to the other household members who do not have their own auto or property insurance.

How It Works

So if your policy for an auto accident when you are at fault covers up to $250,000, you may have legal responsibility for additional costs to cover the injured driver. With medical bills, lost work and other damages you may even be facing a lifechanging lawsuit in excess of $1,000,00!

This is where a personal umbrella policy helps to cover those costs above and beyond your regular insurance, helping to protect your assets when you are faced with these circumstances.

What Is Not Covered

  • Personal Property. An umbrella policy covers someone else’s policy but even then only comes into play when other avenues have been exhausted.
  • Business Losses. Operational business losses are not covered even for businesses that may be home-based.
  • Intentional or Criminal Actions. If you partake in illegal or harmful behavior, the umbrella policy will not cover the fallout from the consequences of your own actions.
  • Contracts. An umbrella policy will not cover liability issues from a written or oral contact.

Excess Liability Insurance

Not every insurer offers excess liability coverage. They only cover he same risks as your underlying policy with the same exclusions. But a personal umbrella policy normally provides far greater liability coverage, even in cases of libel of slander.

Homeowners Insurance Quotes

From offering liability protection for you and your family to helping you get reimbursed for personal property damage, homeowners insurance provides many types of coverage. Learn more about Homeowners Insurance Coverage or get a free homeowners insurance quote from Klimes Insurance today. Call us at  (480) 596-9456 for more information.

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