Personal Umbrella Insurance: Cost, Coverage & Providers in Bonita Springs, FL
In today’s legal world, if you own a home and car and are concerned with your existing policies, Umbrella policy coverage is for you. Umbrella insurance provides protection from catastrophic liability claims that may exceed your policy limits.
What does umbrella insurance protect?
A personal umbrella insurance policy offers an extra layer of liability protection for your wages, house, investments, cars and boats if you’re in a serious auto accident or there’s an accident on your property.
It’s important to have sufficient coverage to protect your current assets and future earnings if you’re involved in a serious accident or lawsuit. Otherwise, you could be liable for more than your current auto or homeowners coverage limits.
How Umbrella Insurance Works?
A personal umbrella policy extends the bodily injury and personal damage liability limits of your home or auto policies. Consider the following scenario:
Your home insurance provides $300,000 of liability coverage. A serious accident happens on your property, and you’re sued for $1.3 million resulting in a judgment against you.
Your insurance pays up to $300,000 for a covered accident, but you hold responsibility for paying the remaining $1 million.
If you had $1 million of coverage under an umbrella insurance policy, you’d be covered with nothing out of your pocket (other than your monthly premium). Instead, without the additional protection from a personal umbrella policy, you’re looking at the possibility of needing to liquidate your assets to pay the remaining $1 million in this example.
Talk to an agent to find out what the best level of coverage is for your situation.
The commercial umbrella liability policy provides higher liability limits when an insured’s underlying liability policies are exhausted due to a large liability loss or court judgement. In some cases, an insured may also have a self-insured retention (SIR) over which an umbrella liability policy may be written. If a loss exceeds both the base policy limits and the self-insured retention, the umbrella liability will respond.
Umbrella Insurance Benefits
- Serves as additional coverage – Umbrella insurance will only kick in once you have exhausted coverage from your other liability policies. If you are found to be responsible for $400,000 in damages due to an accident in your home, but your homeowners insurance only covers $300,000, your umbrella policy will cover the $100,000 difference.
- Provides protection for your assets – Without umbrella insurance, the court could go after your assets or your personal property to cover damages associated with an accident.
- Affordable – Personal umbrella coverage is typically low in cost, providing you with the peace of mind you deserve at a price you can afford. Many find that being financially prepared to deal with an unexpected circumstance makes up for the extra cost.
How much will Umbrella Insurance Cost?
Each policy is different, so it depends on your needs. To start, umbrella policies have a standard cost for you and your household family members, the family home, and one automobile. Other exposures, such as additional cars, rental properties, boats, motorcycles, ATVs, and other assets, add to the premium since they are also covered by the policy.
In general, the higher the underlying liability coverage, the less expensive the umbrella policy will be. For example, increasing your auto liability from $250,000/$500,000 to $500,000 combined single limits can significantly reduce your umbrella premium.
An umbrella Insurance covers expenses that are beyond your other insurance policies. It is designed to cover over and above your liability coverages on your home, auto, boat, recreational vehicle, and motorcycles.
Contact John Perry Insurance at 863-777-4966, or you can message at our FREE Insurance quote by clicking at https://www.johnperryinsurance.com/contact-us.html.
John Perry Insurance also offers:
- Business Auto Insurance Business Owner Insurance
- Commercial Property Insurance
- Commercial Umbrella Insurance
- Condominium Association Insurance
- Liability Insurance
- Workers Compensation Insurance
- Auto Insurance
- Boat Insurance
- Condo Insurance
- Flood Insurance
- Home Insurance
- Motorcycle Insurance
- RV Insurance
- Umbrella Insurance
John Perry Insurance has been helping businesses and individuals find insurance policies for more than 25 years. Our friendly team is courteous and makes the process as quick and easy as possible.