The Basics of Personal Umbrella Policies
While it’s difficult to pinpoint the monetary consequences of the risks you and your family take each day, are you certain your current liability insurance offers you enough protection?
If you are found to be legally responsible for injuring someone or damaging their property without a personal umbrella liability insurance policy, anything beyond the limits of your standard liability insurance coverage will come out of your own pocket. Standard liability insurance generally includes homeowners, renters, auto and watercraft policies.
A personal umbrella policy provides an extra layer of insurance coverage over your standard liability policies. It protects your personal assets by kicking in when your standard liability coverage is exhausted.
Who Needs an Umbrella Liability Policy?
At Black & Ramer Insurance, LLC, we recommend that everyone should consider carrying an umbrella policy. Especially if you engage in activity or hobby that increases your odds of getting sued such as having a teenage driver, owning a swimming pool, entertaining frequently or drive on a regular basis.
So How Much Coverage Do You Need?
You’ll want to take into consideration not only your total personal assets but also your potential personal risks. For example, do you operate a business in your home and have employees and clients to your home on a regular basis? Does your profession or location of your home make you an easy target for a big settlement? Determine your personal risks to evaluate the amount of additional liability coverage that makes the most sense for you.
When considering the umbrella limit to purchase it is recommended that you contact our office and we can give you guidance.
How Much Does Coverage Cost?
Additional liability insurance is inexpensive when compared to the added coverage you gain. Depending on the policy value and your personal risk factors, such as recent auto tickets, your credit rating and more, a $1 million umbrella policy typically costs about a dollar per day.
Count on Us
Don’t wait for a rainy day to find out you need the additional protection a personal umbrella policy can provide. Call Black & Ramer Insurance today at (260) 347-8979 to discuss your unique needs and learn about all of our liability insurance solutions.