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Personal Umbrella Insurance Helps After Other Policies Exhausted

Not sure if you should consider a personal umbrella insurance policy? It’s true, homeowners and auto insurance policies do offer liability protection, but if someone pursues a lawsuit against you, you may find that you need a lot more coverage.

That’s where personal umbrella coverage comes in. Having this additional insurance can provide you with added liability coverage if you exceed the limits of your other policies. This most commonly comes in the form of homeowners, renters or auto insurance.

Umbrella insurance may also offer you protection against libel and slander. Personal umbrella coverage would kick in after other policies have been exhausted.

According to the Insurance Information Institute, you can purchase a $1 million personal umbrella policy for about $150-$300 per year. These policies do require that certain limits be met in order to purchase coverage.

A Bankrate article notes the three following advantages of umbrella policies:

  • It provides additional lawsuit coverage of $1 million or more.
  • It provides added coverage for defense costs, which can easily amount to $100,000 or more.
  • It provides liability coverage for some lawsuits not covered by your underlying auto or home insurance.

You may need more coverage than you think. To be sure you’re adding enough coverage, at the best rates, let our knowledgeable staff help. Call 336-226-8595 today for a FREE quote!

Posted in Auto, Home, Personal, Personal Umbrella, Quotes, Renters and tagged , , , , , , .

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