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What is an Umbrella insurance policy?

Insurance for the unthinkable

How much insurance is enough? The answer is different for everybody. And typical homeowners, auto and other liability insurance may not adequately protect all your current and future assets. For example, if someone is injured on your property and the damages exceed the coverage limits of your homeowners policy, you may be personally responsible for those extra costs. That could hurt. A lot.

An umbrella insurance policy, gives you an added level of protection at a very reasonable cost. It kicks in to cover you after the limits of your other policies are maxed out. So if your homeowner’s liability maximum is $500,000 and an accident results in $800,000 in claims, the umbrella policy pays the additional $300,000. Without an umbrella policy, you may be personally liable for those extra costs.

Ideally, you should have an umbrella policy that slightly exceeds your net worth to be sure you protect all you have. Cost for an umbrella policy can range from as little as $200 per year for a $1 million policy to $1,000 a year for $10 million. Most people can be protected for as little as $20 per month. Many homeowners policies offer Umbrella coverage as an add on, making it easier to pay and administer.

An umbrella policy can stop your financial life from becoming a washout.

Talk to your agent about your total insurance protection and see if an umbrella policy makes sense for you. It could be just the protection you need to protect your lifestyle if claims on your property come raining down.