Deciding to buy a personal umbrella policy is a peace of mind decision. Large liability claims are not common but they do happen and can be financially devastating. The simple solution is to protect your assets with a personal umbrella policy.
Why do I need a personal umbrella policy?
Lawsuits. Umbrella policies are aptly named because they provide excess coverage over several other policies, such as your personal auto insurance and home insurance. Even a modest auto accident or slip and fall claim at your home can quickly exceed the limits of your policies. The idea that you cannot be sued for an amount above your policy limits is a myth. Large financial judgments against individuals happen regularly and can be financially ruinous without adequate liability insurance.
A personal umbrella policy provides an additional layer of liability coverage with limits ranging from $1,000,000 up to $10,000,000 or higher in some cases.
How Much Does a Personal Umbrella Policy Cost?
The premium for a personal umbrella policy is based on the number of underlying exposures. This includes the number of autos, homes (primary or rental), recreational vehicles, motorcycles, and watercraft. For a basic $1M umbrella with 1 primary home and 2 vehicles covered, the cost is typically around $200 per year. The umbrella policy typically requires that you carry higher limits on your underlying policies, such as $250k/$500k on an auto or motorcycle insurance policy and $300,000 liability on your home or rental property policy.
For a no-obligation personal umbrella policy quote, contact Safeguard Insurance at 702.638.0022. We can provide quotes for a stand-alone umbrella, or a package that includes auto, home, and umbrella insurance.