Umbrella Coverage Information
Do you need an Umbrella Policy?
At William Blount & Associates, we take risk management very seriously. An umbrella policy is not right for every person or family, but for some, it is a very needed coverage. If you have significant assets or high exposure for liability, contact one of our Advisors to discuss it further. No one ever expects to be sued. But a personal liability policy can definitely help to protect you, your family, and your priceless future.
What is an umbrella policy?
Umbrella insurance policies provide you with protection from liability issues that can go above and beyond the standard limits and exposures of your home or car insurance policies. For example: standard homeowners policies usually provide anywhere from $100,000 to $500,000 worth of liability coverage. And your auto insurance has liability limits as well. An umbrella policy is an extra layer of protect that adds liability coverage over and beyond these policy limits. The excess liability policies may also provide you with coverage that may not be covered under your other policies. It is offered in amounts of $1,000,000 increments. Umbrella insurance protects not only your home and car but will also protect your future wages, and all of your other assets from being used to pay for the expenses.
Personal Umbrella policy can provide protection for:
| Protection for covered claims caused by you, members of your family/household, or hazards on your property, when you're found legally liable
| Personal Liability for occurrences on or off your premises
| Protection against non-business related personal injury claims such as slander, libel, wrongful eviction, invasion of privacy, or false arrest
| Legal defense costs, lawyer fees, and associated court costs for a covered loss
| Worldwide coverage-- exception with situations involving foreign ownership of dwellings and cars
| Operating most motor vehicles, including cars, RV's, motorcycles, pickup trucks, and many watercrafts
There is not a formula to determine the right level of coverage for a personal umbrella policy. However, a good place to start is to think about your current assets-- the value of your home, autos, money in savings, retirement, investments, etc. Then think about your potential future earnings or inheritance. Lastly, consider additional exposure risks like:
How Much Umbrella Coverage Is Enough?
- How often you have guests over to your home and do you serve them alcohol?
- Do you have a home-based business that's covered under your home insurance policy?
- Do you take road trips or have a long or heavy commute?
- Do you have young drivers in the house?
Coverage levels start at $1 million and can cover liability as high as $10 million and beyond! Speak with one of the insurance Advisors at William Blount & Associates to help you find the right balance of coverage!
- Do you have a the appearance of having a lifestyle that might make you a potential target for a lawsuit?
Three Important Things To Remember!
- DON’T forget about your toys – boats, snowmobiles, motorcycles – you want add them to your umbrella policy so you don't have any gaps in coverage
- DON’T pay for coverage you don’t need