Unfortunately, accidents do happen, no one wants them to happen, but they do — and jury awards and settlements to run into the millions. It can be difficult to minimize risks you take, so it’s a good idea to get umbrella liability insurance coverage.
Umbrella insurance can protect you financially in the following situations:
- Your teenager runs a stop sign, and causes a serious accident
- A deliveryman trips on your stairs and is seriously injured
- Your usually well-behaved dog bites one of the children in the neighborhood
If you are found legally responsible for injuring someone or damaging their property, you will be personally responsible for any costs above your standard liability coverage unless you have umbrella insurance. Your homeowners, condo, renters, auto, or watercraft insurance policies usually have a small amount of standard liability insurance.
Personal Umbrella Liability Insurance provides insurance coverage beyond what your standard liability insurance covers. It protects your personal assets by kicking in when your standard liability coverage is exhausted.
Who Needs Umbrella Liability Insurance?
At ISU-ERM Insurance Brokers, we recommend that everyone has an umbrella policy. Any high-risk activity or situation can increase your chance of being sued (like having a teenage driver, a swimming pool, or entertaining on your property).
How Much Umbrella Coverage Do I Need?
Think about your assets and your personal risks. Do you have employees or clients come to your home on a regular basis? Does your profession or location of your home make you an easy target for a big settlement?
$1 million is the general starting point for Umbrella Coverage, and go as high as $5 million. An expert at ISU-ERM Insurance Brokers can help you determine the appropriate amount of coverage for your unique situation.
How Much Does Umbrella Liability Coverage Cost?
A $1 million umbrella policy typically costs less than $300 annually, but is affected by your credit rating, your personal risks and other items like speeding tickets recently on your record. Costs go up an additional $50 – $75 for each million thereafter.
Call ISU-ERM Insurance Brokers today at 949-222-0444 to discuss your unique needs and learn about all of our liability insurance solutions.