Most drivers have liability coverage to protect themselves in case of an automobile accident, and homeowners have this protection built into their home policies. But there are limits to liability, and you will be on the hook to pay for anything that your policy does not pay out. This is why it is so important for your family to have umbrella insurance. 

What is this policy, exactly? What kind of benefits does it offer, and why does it provide more peace of mind than any other policy? The answers to all of these questions and more await. Just keep reading or check with your InsureOne agent to discover everything you need to know about umbrella insurance for families. 

What Is Umbrella Insurance and How Does It Work? 

What does umbrella insurance cover, exactly? The short answer is that this policy is designed to offer extra liability coverage for you and your family. If your existing coverage ends up being insufficient to cover damages you are liable for, an umbrella policy will pay the rest. 

Without it, you could be responsible for paying the remaining costs out of pocket. But why would you need additional coverage, and what does this additional financial protection look like? Below, you will find the answers you need. 

Understanding Liability Beyond Your Standard Policies 

Every liability policy has a certain limit, and it may seem very high, such as a $300,000 limit on your auto policy. However, if you are liable for an accident and get taken to court, you may have to pay a settlement that exceeds this amount. Depending on the size of the settlement, you may still end up having to pay $100,000 or more in costs out of pocket, and most people simply cannot afford to do that. 

How Umbrella Insurance Provides Extra Financial Protection 

The biggest benefit of umbrella insurance is that it provides extra financial protection. A personal umbrella policy has a much higher liability limit, and it only pays out after your primary policy has been exhausted. In the above scenario, this would cover the additional $100,000 without you having to pay. 

Why Families Need Umbrella Insurance 

While everyone can benefit from additional protection, umbrella insurance for families is particularly important. The primary reason for this is that when your children start driving, the odds of someone in your family being liable for an accident skyrocket. 

Statistically, teens are more likely to get into car accidents than other drivers, and this increases the risk that they will be found liable for damages. When you have family umbrella insurance, though, you do not have to worry that you will have to pay major out-of-pocket costs if they get into an accident that causes major injuries or even death. 

Common Scenarios That Could Lead to Liability Claims 

Here is a common scenario that explains why families need umbrella insurance. Imagine that your teenager is driving in rainy weather, and the slick road causes them to hit another driver. 

Should that driver get injured and sue, the family might be on the hook for anything the auto policy does not cover, ranging from medical bills to court settlement costs. However, family umbrella insurance provides peace of mind because you know that all these costs and more will be covered without you having to go into serious debt. 

Protecting Your Assets and Future Income 

When someone must cover liability costs out of pocket, they often have to sell assets in order to do so. For example, you might have to sell the family home. Additionally, your future earnings could be at risk. This is a big part of why families need umbrella insurance: With it, you know your costs will be covered, and you will not have to sacrifice your home or your future income (potentially via wage garnishments) after an unfortunate accident occurs. 

How Umbrella Insurance Offers Peace of Mind 

As noted before, one of the biggest benefits of umbrella insurance is that it provides you and your family with peace of mind. You may never need the extra liability coverage this policy provides, but without it, you, your spouse, or your children may be just one car accident away from crippling, life-changing debt.  

How Much Umbrella Insurance Does Your Family Need? 

Now you know why umbrella insurance for families is so important. But that leads to the logical question: Just how much coverage do you actually need? 

There is no “one size fits all” answer for any given family or personal umbrella policy. To figure out what is right for you, it is important to understand the factors that determine coverage limits and how to balance cost vs. protection. 

Factors to Consider When Choosing Coverage Limits 

At the bare minimum, your umbrella policy should cover the value of all your assets, including your house, your investments, your savings, and so on. If you think you will earn substantially more in the coming years, be sure to factor in those earnings. 

Finally, consider liability risks: whether your children are driving, whether you have a dog that may bite someone, and so on. Considering all of these factors will help you determine the right amount for your family and its needs. 

Balancing Cost vs. Protection 

Your umbrella policy can have a limit as high as you want, but that will lead to a higher premium you must pay each month. This is why the factors above are so important: After careful consideration, you can get all the protection you need without paying too much for an unnecessarily high limit. 

How to Add Umbrella Insurance to Your Existing Policies 

When you first began reading this guide, you had a simple question: “What does umbrella insurance cover?” Now that you know how useful it is, you probably have another question: “How can I add this protection to my existing policies?” 

Mechanically, getting a new policy is as easy as calling your InsureOne agent and requesting it. But to maximize both your protection and your savings, you should consider bundling umbrella insurance with auto and home coverage. 

Bundling Umbrella Insurance with Auto and Home Coverage 

Bundling policies together is one of the best ways to save on your premiums each month. And it is very easy to bundle an umbrella policy with your existing auto and home coverage. Doing so means you will pay less than you otherwise would for separate policies, all while giving yourself some serious peace of mind. 

Protect Your Family’s Future with Umbrella Insurance from InsureOne 

Now you know about the benefits of umbrella insurance for families. This includes protecting you from lawsuits, protecting your future income, and protecting your family. But do you know where to find a carrier who is just as devoted as you are to protecting what is important? 

Here at InsureOne, we specialize in protecting your future. And there is no better time to get started than today. When you are ready to give your family the protection they deserve, come get a quote online. You can also pick up the phone and give us a quick call at 800-836-2240. Finally, feel free to find an InsureOne office near you. 

FAQs 

Is Umbrella Insurance Expensive? 

The average umbrella insurance policy is not expensive. Keep in mind, though, that the higher your limit, the higher your premium will be. 

Can Umbrella Insurance Protect My Family from Lawsuits? 

Umbrella policies cannot magically prevent you from getting sued. However, if you are sued and have to settle for more than your existing liability coverage, this policy will keep you from having to pay out-of-pocket expenses. Before taking out a policy, be sure to familiarize yourself with the most common liability claims. 

Do I Need Umbrella Insurance If I Already Have Auto and Home Insurance? 

Your existing auto and home policies each have liability limits that may not be sufficient if you are successfully sued. By bundling umbrella with those policies, though, you can maximize your protection in the event of a lawsuit. 

How Quickly Does Umbrella Insurance Kick in After a Claim? 

Umbrella policies typically pay out as soon as your current liability policies are exhausted. 

Homeowners typically protect their property with homeowners insurance. However, it is important to understand the limitations of this coverage, so that you can ensure your property has all the protection available. 

An umbrella insurance policy can offer additional protection, but most homeowners do not know what this is and why it is so important. Keep reading to discover everything you need to know about umbrella policies and what they can do for you. 

Defining Umbrella Insurance in Simple Terms 

What is umbrella insurance? The short answer is that it is an additional form of liability insurance coverage you can add to your current policy. Therefore, while it is referred to as an “umbrella policy,” it may be helpful to think of it as a way of extending your existing home coverage. 

All homeowner policies come with some form of liability coverage. In fact, one of the hidden costs of home ownership is being responsible for the injuries of others on your property. Liability comes in handy if someone gets injured at your home and holds you liable, as the existing coverage can help pay for their medical bills and, if needed, your court costs. 

Umbrella insurance takes that even further, by adding an additional layer of liability coverage on top of the standard amount you receive with your home insurance. 

The Crucial Role of Umbrella Insurance in Your Financial Safety Net 

One of the primary functions of different types of homeowners insurance is to serve as a “safety net” when you are planning your financial future. It is one thing to set money aside in a savings account to help with future expenditures and the occasional emergency. However, it is unreasonable for the average person to save up enough for major house repairs after a covered event or a burdensome lawsuit.  

No umbrella policy explanation would be complete without answering the obvious question: Why would someone need more liability coverage than they already have? The answer is that it increases the size of your financial safety net. If your existing liability limit falls short (for example, you are being sued for $50,000 more than your limit), you may be faced with a significant out-of-pocket expense. 

Fortunately, this type of plan can help cover the excess amount so that if the unexpected happens, your finances remain intact. 

Understanding the Scope of Umbrella Insurance 

It is one thing to have answers to classic questions like “What is an umbrella insurance policy?” However, knowing exactly how such a policy works in the real world is another thing. To help you decide whether you need your own umbrella policy and how to best take advantage of it, it is important to understand the full scope of this type of plan. 

Incidents Typically Covered by Umbrella Insurance 

One of the most common incidents covered by umbrella insurance involves damage caused by pets, including dog bites. Whether a dog bite happens in the home or somewhere else, like a local park, you are legally responsible for damage caused by your pet. All it takes is a significant bite, and a few medical bills to cause someone to sue you. An umbrella policy helps protect you in case the damage exceeds your existing coverage limits. 

Another common incident is someone injuring themselves while inside your home. In some cases, the injured party may hold you responsible because they believe something you did or did not do (such as failing to clean the stairs) may have led to the accident. Again, should the injured party decide to take you to court and have extensive medical bills, these additional policies can supplement your existing coverage as needed. 

Finally, someone could decide to sue you because their child injured themselves in your yard. It may not sound fair, but you can be held legally responsible if someone gets hurt, even if due to their own actions (for example, you may be sued if someone gets injured swimming in your pool if the gate was unlocked). As always, having as much protection as possible before things potentially go to court is essential. 

Speaking of pools, adding one is a classic example of a renovation that will require additional insurance. 

What Umbrella Insurance Covers That Standard Policies Do Not 

When it comes to your home policy, it is best to think of an umbrella policy as a supplement to your existing coverage. The new policy offers nothing that your standard home coverage already covers. Instead, it enhances a critical aspect of the policy, which is your liability coverage. By covering more than the existing limit, a new policy can offer protections above and beyond the original policy. This could make a big difference when you need it most. 

How Umbrella Insurance Complements Your Base Policies 

It is easy to see why these plans are beneficial. After all, every homeowner generally agrees that their house and finances should have more protection and not less. But how does this new policy complement existing coverage? In many cases, adding a modest umbrella policy is cheaper than increasing liability limits, giving you better protection at a better price. 

Assessing the Need for Umbrella Insurance 

Relatively speaking, the cost of adding this type of coverage to an existing policy is low. However, that does not mean that everyone should automatically go out and purchase a new supplemental policy for themselves. Instead, use the tips below to decide if you are someone who would directly benefit from this type of coverage. 

Identifying Who Benefits Most From an Umbrella Policy 

Not everyone needs this level of coverage, so how can you tell if this plan is right for you? For one thing, the added protection is great if you regularly bring guests into your home. Every new invite is a potential lawsuit waiting to happen, so if you frequently host gatherings, you may need the protection offered by an umbrella policy. 

If you are a dog owner, you should consider an umbrella policy. You never know how much damage your dog could cause and how likely someone else is to sue over the damage. Instead of taking a risk whenever you take your dog for a walk, give yourself peace of mind. 

Finally, if you are someone who drives extensively, you should consider purchasing this additional coverage. The umbrella also extends to automobile insurance, and if you end up being sued for causing damage on the road, you will be grateful for the added liability protection. 

Commercial Umbrella Insurance Explored 

What is commercial umbrella insurance? This is the same kind of policy described above, but it is intended for business owners. If you already have commercial coverage to help protect your business, you can increase your liability protection with this type of coverage. 

Commercial umbrella insurance is especially appropriate for companies with more in-person interaction with customers. For example, if your customers can come into your place of business, they run the risk of getting injured. Other businesses that will benefit from an umbrella liability policy are those with a large fleet of commercial vehicles and those engaged in hazardous industries, such as an oil refinery. 

Get a Quote on the Best Umbrella Insurance 

If you feel umbrella insurance could benefit you, reach out to an InsureOne agent to find out more. We offer the best service and affordable options, customized specifically for you. 

At InsureOne, we are known for top-tier customer service and professionalism. Give yourself peace of mind by getting a quote online. Of course, you can also pick up the phone and give us a quick call at 800-836-2240. We also welcome you to visit an InsureOne office near you. 

For example, both your automobile and homeowner’s insurance come with a certain level of liability protection. When that’s not enough, you may need the added protection of umbrella insurance coverage. 

Despite this, you may be on the fence and asking yourself if you need umbrella insurance. Keep reading to discover the benefits of umbrella insurance coverage and whether it is right for you. 

1. Umbrella Insurance Can Provide Extra Legal Protection You Need 

For both automobile insurance and home insurance, the basic function of liability coverage is simple. This coverage pays to help cover damages you are liable for, including paying medical bills. If necessary, liability coverage will pay your legal fees if you go to court…up to a certain point. 

If the costs of a lawsuit go beyond the limits of your liability coverage, you’ll have to pay the rest out of pocket. Even if you win, the costs of defending yourself could easily bankrupt you. With umbrella insurance coverage, you basically get an extra layer of protection to help cover your legal costs, potentially saving you thousands of dollars. 

2. Enhanced Liability Protection for Online Behavior with Umbrella Insurance 

We live in a brave new world of digital interaction. The internet helps you make connections with countless people all around the world. Have you ever imagined how these connections could get you in trouble? 

As laws change and evolve, more and more people are getting successfully charged for their online behavior. This includes committing libel, slander, and defamation of character. Just think: that single angry comment or video you made could land you in major trouble with the law! 

To make matters worse, these kinds of online legal issues may not be covered by a standard liability policy. With umbrella insurance coverage, you should have the legal protection you need to protect yourself in court. 

3. Umbrella Insurance Helps Protect the Future for Your Family 

At the end of the day, all insurance is designed to help safeguard your future. Umbrella insurance is one of the best ways to protect the future you have planned for yourself and your family. 

If your liability coverage isn’t enough and you are stuck paying thousands (sometimes even hundreds of thousands) out of pocket, you can easily lose more than money. You can lose your home and your car; your children can lose their chance at a college education. Something as simple as your dog biting a guest can destroy your future entirely. 

Don’t leave your future up to chance. It’s time to protect that future with the added protection of an umbrella insurance policy. 

4. Umbrella Insurance Can Cover You When You Own “Dangerous” Toys 

Some people love to embrace the phrase “work hard, play hard.” If you believe in this philosophy, you might own some fun recreational vehicles, including motorcycles, ATVs, boats, and more. You might have a swimming pool or a trampoline for your kids. 

Besides being expensive, these “toys” are inherently dangerous in that people can get hurt or killed while using them. Your umbrella insurance can give you protection in court if something happens to someone while they are using your swimming pool or riding your ATV. 

5. Globe-Trotters Can Get Protection with Umbrella Insurance 

Do you enjoy travel, especially global travel? In that case, the answer to “Do I need umbrella insurance?” is a resounding yes! 

That’s because umbrella insurance effectively travels with you. If you are found liable for certain accidents as you travel, you may not have the protection of automobile or homeowner’s liability coverage. That means you could be completely on the hook for your legal costs. 

With umbrella insurance, you can travel with peace of mind. After all, you know that if the worst happens, you’ll be able to defend yourself in court without going bankrupt. 

Get the Best Umbrella Insurance Today! 

Now you know the many benefits of umbrella insurance coverage. But do you know where you can find the umbrella insurance that you and your family deserve? 

At InsureOne, we’re here to take care of all your umbrella insurance coverage needs. We are always ready for you to get a simple quote for umbrella insurance online. Alternatively, you can pick up the phone and give us a quick call at 800-836-2240. Finally, feel free to come into one of our convenient nearby offices. 

You’re probably already familiar with homeowners, auto, and life insurance. But do you know about umbrella insurance, what it covers, and how to get it? No worries – we’ve got you covered! 

In a nutshell, umbrella insurance provides liability protection that goes beyond the limits of a basic life insurance policy. It’s an extension of your protection from your basic policy. Of course, there’s more to this type of insurance, such as who needs umbrella insurance, etc.

If you’re wondering, what does an umbrella policy cover, read on. We’ll discuss umbrella insurance, what it covers, who needs umbrella insurance, and more.

What Is Umbrella Insurance?

Umbrella insurance is basically liability insurance –just like an umbrella protects from getting wet when it’s raining outside. An umbrella insurance policy provides protection for your assets in the event of a costly lawsuit. 

Anything can happen at any time, and that’s when umbrella insurance is beneficial. It protects your current assets as well as any future assets, going beyond typical homeowners or auto insurance policy. It’s an extra layer of protection in case of litigation from injury or property damage. It also protects you from associated legal costs if you get sued for damages to other people’s property or injuries. 

Umbrella Policy Coverage Examples

Umbrella insurance covers accidents and scenarios that your homeowners and auto insurance policies don’t. Some examples of scenarios include:

• Your neighbor comes over to your house and falls down your stairs, injuring themselves. The cost goes beyond your homeowner’s insurance liability limit, so your umbrella insurance policy would kick in.
• Your 17-year-old son gets into a car accident, and unfortunately, it’s their fault. Your auto liability insurance may not be enough to cover the costs of the damages and other bills.
• You or your business is sued for libel, slander, or defamation. Umbrella insurance is usually the only kind of insurance that will cover these types of situations. 
• Your dog bites another dog or someone else while you’re out on a walk. Depending on the situation, you may be responsible for the other person and/or dog’s medical expenses and pain and suffering. 

Umbrella Insurance Types 

Commercial – If you own a business, you may be asking, does a personal umbrella policy cover business? The answer is yes. It gives you extra coverage for possible incidents such as a risk of bodily injury, equipment mishaps, and property damage working offsite at a client’s house.

Home – Homeowners are required to have homeowners insurance, which is useful in certain situations. However, in some scenarios – like if a branch from your tree crashes into your neighbor’s house – your homeowner’s insurance may not pay out enough to cover the resulting bills. That’s why an umbrella insurance policy for your home makes sense.

The Easiest Way To Get Umbrella Insurance 

Are you looking for the best umbrella policy cost? You no longer need to call multiple insurance companies for an umbrella policy quote. InsureOne does that work for you. Call (800) 836-2240 to speak with an experienced representative who will provide you with the best umbrella insurance quote.

Many people have regular insurance for themselves and their property, but many haven’t considered umbrella insurance. This type of insurance provides invaluable protection that goes above and beyond your personal insurance policies.  

In this article, we’ll discuss why you should consider an umbrella insurance policy, as well as who needs umbrella insurance.

Umbrella Insurance Definition 

Like the name implies, umbrella insurance provides an extra layer of protection in addition to your base insurance policy. Sometimes referred to as personal liability insurance, umbrella insurance is a catch-all policy covering litigation from injury or property damage. 

The Benefits Of Personal Umbrella Insurance Coverage

While umbrella insurance is not required by law, it is ideal to have many assets to protect. For example, if you are involved in a major car accident, that’s your fault, and it causes major injuries or property damages, your assets are at risk. Accidents happen, and that’s where umbrella insurance comes in handy.

What Factors Determine The Umbrella Insurance Cost?

• Where you live – Insurance rates vary by state.

• Your net worth – Your umbrella policy should be at least the amount of your net worth or greater than. 

• You and your family’s driving records – Your family’s record of driving, including speeding tickets and accidents, may affect your umbrella insurance costs.
• The insurance company – If you don’t compare policies, you may end up paying too much for coverage. 
• Your lifestyle – Do you own a boat, a dog, a swimming pool, or ATV vehicle? If you like to participate in activities involving some risk, umbrella insurance is ideal for you.

How To Choose An Umbrella Insurance Policy

First, determine what your current policy covers and where you need extra protection. There may be exclusions that leave a gap in your coverage. This will also give you an idea of where your insurance policy did not come through to pay claims. Then, find out if an umbrella policy would cover those claims.

Get Umbrella Insurance Quotes To Fit Your Budget

Ready to begin your umbrella insurance quote search? You’ve come to the right place! InsureOne compares insurance from more than one umbrella insurance company to get you the coverage you need at an affordable price. Request a free umbrella insurance quote online or over the phone by calling (800) 836-2240.

In a lawsuit, you could lose everything, including your assets, savings, and investments. Even if you have no assets, you can be held liable for damages, putting potential assets or future earnings at risk. Getting umbrella insurance coverage can help protect you and your future.

What Is Umbrella Insurance?

As a personal excess liability insurance policy or an umbrella liability insurance policy, umbrella insurance kicks in when your other policies are maxed out. Like an umbrella protects from getting wet when it’s raining outside, an umbrella insurance policy protects your assets in the event of a costly lawsuit. 

Umbrella coverage is a secondary type of liability insurance that protects you beyond the limits of your homeowners, car, or other insurance policies. It’s an economical way to protect your financial future and assets.

What Does An Umbrella Insurance Policy Cover?

Umbrella insurance covers litigation from injury or property damage. It also protects you from associated legal costs if you get sued for damages to other people’s property or injuries. 

How Much Umbrella Insurance Should You Get?

Figuring out how much umbrella liability insurance to purchase is based on your individual situation. The best way to decide is to know how much you stand to lose in a costly lawsuit, as well as your net worth and assets.  

Is It Worth It To Get Umbrella Insurance?

Yes, especially if you don’t have enough insurance. Your minimum coverage may not be adequate in all possible situations. For example, let’s say your dog bites your neighbor, or your teenage daughter gets into an auto accident.

In these cases, umbrella insurance coverage protects you against expensive litigations. It can even protect you in cases of slander and libel – for example, if a restaurant decides to sue you for leaving a bad review. 

The premiums for umbrella insurance are surprisingly affordable for the amount of coverage that you get. 

The Easiest Way To Purchase Umbrella Insurance Coverage

You no longer need to call multiple insurance companies for an umbrella policy quote. InsureOne, does that work for you. Call  (800) 836-2240 to speak with an experienced representative who will provide you with the best umbrella insurance quote.

However, there is another type of insurance that is easier to overlook, and that is liability insurance. As the insured, liability insurance would help to pay for any claims that result from injuries or damage that you inflict on another party or their property. While often overlooked, liability claims can be the most costly type of claim, which is why it is so critical to have coverage. 

The best way to significantly increase your liability coverage is through an investment in an umbrella insurance policy. If you haven’t heard of umbrella coverage before, you are likely wondering, “what does umbrella insurance cover?” and “do I really need it?” 

In order to answer those questions, you may want to consider the following seven common liability claims that would be covered under umbrella liability insurance:   

1. Legal Expenses

Lawsuits are widespread, more common than you might think. If you were sued, you would have to pay defense costs, including lawyer fees, court costs, and more. 

2. Homeowners Liability

Anytime visitors come into your home, you expose yourself to a liability risk. For example, if your deck collapsed during a summer barbeque, you could be held responsible for paying for all of the injuries your guests sustained. 

3. Dog Bites and Attacks

Even the friendliest dog can attack if they are scared or provoked. Did you know that you could be held liable if your pet injures a visitor? Dog bites can be severe, particularly on children. If the damages were to exceed the limits of your homeowners policy, then your umbrella coverage would help to pay for the remaining costs. 

4. Libel or Slander

Libel refers to publishing a false statement about another party, while slander involves making false or damaging statements against another party. You may think that you would never be affected by this, but if you have ever even done something as simple as posting a negative review online, then you could potentially be at risk of facing a libel claim. 

5. Child-Related Risks

If you have children or teens in your household, it can significantly increase your liability risks. Imagine the number of expenses you could face if your child’s friend was severely injured while jumping on a trampoline or playing on a swing set in your backyard. Or consider your teen driver causing a severe accident due to inexperience. An investment in an umbrella insurance policy would ensure your assets are protected in the event of an unfortunate incident such as these examples. 

6. Landlord Coverage

While your rental properties can be a great asset to generate income, they can also be risky and costly. Did you know that your tenant could sue you for several reasons? For example, if there was black mold you were unaware of that caused your tenant health issues, it could result in a costly lawsuit that would be covered with umbrella insurance.

7. Volunteering

If you like to devote your time to helping others – believe it or not, it could open you up to increased personal liability risks. A volunteer can be sued for negligence and more.  

These are just a few examples of claims that would be covered under an umbrella policy, and they make it easy to see how quickly damages can exceed your current liability limits. Now that you know the benefits of umbrella coverage, you are likely wondering about the umbrella insurance cost. You may be surprised to learn that coverage is more affordable then you imagined. Contact a licensed agent today to obtain a quote for your umbrella policy and learn more about your options. 

If you’re looking for umbrella insurance, InsureOne can help. Get a free umbrella insurance quote online or over the phone by calling (800) 836-2240. We compare quotes from top insurance companies to get you the coverage you need at an affordable price.

What is an Umbrella Policy?

Umbrella coverage is all-encompassing insurance that extends your personal liability protection beyond the limits of your existing auto, homeowners, renters or watercraft insurance policies. It is often referred to as secondary excess liability insurance because the coverage kicks-in after your primary policy coverage is maxed out.  

How Does Umbrella Coverage Work?

To understand how umbrella coverage works, consider the example of a repairman who comes to your home to fix your alarm system and slips and falls on a broken step. If he was seriously injured and was unable to work again you could be sued and forced to pay not only his medical bills but his lost earnings. While you have liability coverage through your homeowners policy it might not be enough to cover the entire expense. An umbrella policy would help to pay the remainder of the settlement once your homeowners policy limits were exhausted.

What Does a Personal Umbrella Policy Cover?

When you purchase an umbrella insurance policy you will have the ability to select your coverage limits. A standard personal umbrella policy has $1 million limits, but you can often obtain a policy with higher limits.

In addition to extending your personal liability coverage, an umbrella insurance policy provides protection for claims that are not typically included in a homeowners policy. Your umbrella policy would protect you if you were sued for:

• Slander – making false
  statements that damage another person’s reputation
• Libel – writing false
  statements that damage another person’s reputation

How Much Does Umbrella Insurance Cost?

The cost of an umbrella policy is based on how much coverage you elect to have. The exact rates will vary from company to company and state to state; however according to the Insurance Information Institute a $1 million umbrella policy is approximately $150 to $300 per year. Premiums typically increase by $100 each year for a $1 million in additional coverage. Given this average, an umbrella policy proves to be an affordable option to significantly increase one’s personal liability coverage.

It is important to note that you cannot purchase an umbrella policy without an existing homeowners, auto or property insurance policy. You also may be required to meet a minimum limit of liability coverage on your primary policies. 

Do I Need Umbrella Coverage?

Umbrella policies are usually necessary for individuals who:

• Own property
• Have significant
  savings
• Own dangerous things
  such as pools, trampolines, dogs, RVs, snowmobiles, etc.
• Face greater risk of
  being sued – for example if you are a landlord, coach a kid’s sports team,
  volunteer, write extensive online reviews, etc.

Many peoplethink that umbrella liability insurance is only purchased by individuals with significant assets such as a large home and a big bank account. The truth is regardless of how much you have or own, a large claim or lawsuit could impact things you may not have considered such as your future earnings, retirement savings and more.

How Much Umbrella Coverage Do I Need?

Now that you understand the value of a personal umbrella policy, you may be wondering – how much coverage do I actually need? When it comes to umbrella coverage you should consider both your net worth, your assets and if you face greater risks for being sued. Lawsuits are more common than you think and they can be incredibly costly. Considering the cost and overall value of an umbrella insurance policy to ensure you are protected.

Protect what matters to you most with a life insurance policy from InsureOne. InsureOne works with top carriers to get you the coverage you need at an affordable price. Start a life insurance quote online or over the phone today by calling (800) 836-2240.