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What is Personal Liability Umbrella Insurance?
April 3, 2016
What is Personal Liability Umbrella Insurance? Perhaps you have heard of Personal Liability Umbrella insurance and have some questions, or perhaps you are not familiar with the policy. We will start with a simple definition: Umbrella insurance refers to liability insurance that is in excess of specified other policies and also potentially primary insurance for losses not covered by the Continue Reading
What is Personal Liability Umbrella Insurance?
Perhaps you have heard of Personal Liability Umbrella insurance and have some questions, or perhaps you are not familiar with the policy. We will start with a simple definition:
Umbrella insurance refers to liability insurance that is in excess of specified other policies and also potentially primary insurance for losses not covered by the other policies. from Wikipedia.com
Some Examples of How Personal Umbrella Insurance Works
As the policy name suggests, Umbrella Insurance protects you for liability claims that are greater than the protection offered by your primary (ie Homeowners, Auto, Watercraft etc.) insurance, or for claims that fall outside the specific coverage provided to you by your primary insurance.
If someone is hurt on your property your homeowners insurance would be your primary insurance to cover any claims made against you. If the amount of the claims is greater than the limit provided by your homeowners policy an Umbrella Policy may cover the difference up to the Umbrella Policy’s limit.
In addition to covering the monetary gap left by your primary insurance an Umbrella Policy may cover claims made for libel or slander, claims not generally covered under a traditional homeowners policy. Additional coverages that are unique to Personal Umbrella Insurance may include vandalism and invasion of privacy. Please note Personal Umbrella Insurance policies differ and the specific coverages should be discussed with your insurance professional.
Do I Need Personal Umbrella Insurance?
That question is best answered after a discussion with a trusted insurance professional, however, there are some circumstances that make it more important to have the extra protection provided by a Personal Umbrella policy. For example, if you own highly valued assets you may be at greater risk of being sued. An umbrella policy can help protect your assets in that case.
If you own rental properties it may be in your best interest to have Personal Umbrella Insurance coverage to protect you the circumstance in which someone sues you for damages caused by a tenant.
How Much Personal Umbrella Insurance Should I Have?
Your insurance professional can help you determine the right coverage amount based on the risks that you face and the assets you have to protect. In general, the greater the value of your assets the greater level of protection you should consider.
How Much Does Personal Umbrella Insurance Cost?
Personal Umbrella insurance is relatively inexpensive and may range from $150.00 to $250.00 per year for a $1,000,000.00 of coverage. Of course if you determine you need more protection the cost will increase.
How Do I Get Personal Umbrella Insurance Coverage?
Most often an Umbrella policy is purchased from the same insurance professional that provides your primary insurance. Here at the Ryan Agency we can help you determine if you need Umbrella protection, the amount that you should have and find the policy that best satisfies your needs. Please feel welcome to call us or stop into see us to discuss the benefits and costs of a Personal Umbrella Insurance policy.
This article may have been originally published at Quora.com.
To see Jeff's Quora.com profile click here.
“Am I covered if I drive someone else’s car?” Or, “Am I covered if someone else drives mine?”
Many don’t realize that the insurance industry is one of the country's most regulated business segments, especially in New York State. The New York State Department of Financial Services (NYS DFS) wields significant control over the insurance business and has a stated goal of protecting consumers.
Most property insurance companies offer Actual Cash Value or Replacement Cost settlement options. Typically, insurance companies will require that you insure the property to the settlement value you choose. If you select Actual Cash Value, the amount you may be required to insure the property for will be less than the corresponding Replacement Value.
In that spirit, the Ryan Agency is sponsoring a Stearns BBQ Dinner pickup at our office on 57 Broadway Mall in Hornell on September 12th from 3:00 PM to 4:30 PM.
Today, an individual’s credit history can play a more significant role than any one of those traditional factors. Good Credit Scores lead to a Positive Insurance score. A good Insurance Score greatly influences what someone will pay to insure their vehicles.
Insurance companies offer various discounts for which their policyholders may qualify.
Great Eight number Six (6) suggests taking a look at removing Comprehensive and Collision on Older Vehicles.
By reducing the number of claims in your insurance history, you can significantly affect your rates in the future.
Sometimes, this concept meets with resistance from policyholders. The thought of paying more in the event of a claim is off-putting to some. Even if that means I pay more for my insurance.
OK. Admittedly, this strategy doesn't benefit everyone, but it can be very beneficial for those it does. You may have unique home or auto insurance needs that prevent you from bundling with the same company. Alternatively… you might have a better rate without the bundle discount by splitting up your insurance between multiple carriers.
