Protect your assets from liability beyond the limits of your underlying policies
If you need higher limits that aren’t available in a standard insurance policy or you are looking for additional liability coverages that aren’t available in your auto or home policies, you want to consider an umbrella policy.
Umbrella policies offer both higher limits on top of your underlying policies as well as some other liability coverages.
Higher Limits
The typical personal insurance policy (home or auto) has available limits up to $1,000,000. If you have a $1 million limit policy and are found liable in a lawsuit for $1,750,000 then you will have to come up with the additional $750,000 from your assets. This is where an umbrella comes in – basically, the limits sit on top of your underlying policy and step in to pay after those limits are exhausted, providing an additional layer to further protect your assets.
Additional Liability Coverages
Some umbrella policies include coverages that aren’t typically found in a typical homeowner or auto policy. These coverages may have a deductible associated with them, but at the end of the day it is about protecting your personal assets from potential liability exposure.
