Do You Have a Personal Umbrella?

Protecting your family and assets is a top priority and insurance can play a large role in that. Personal umbrella insurance is a type of insurance that adds extra liability coverage over and above the liability insurance coverage you have in place, be it home, auto, recreational vehicle, watercraft, rental property or other types of liability exposures.

Umbrella policies add additional insurance protection for large claim situations where the underlying policy limits of insurance may get exhausted. Examples include serious car accidents involving multiple vehicles, dog bites, or accidents involving swimming pools.

Personal umbrella policies may also be called excess liability policies, as insurance companies occasionally use different terminology for similar types of policies. However, no matter what they are called, these types of policies all exclude coverage for certain types of claims. These include:

• Property damage to property owned by an insured

• Business-related losses

• Intentional or criminal acts

Do you need umbrella insurance? There is a good chance that you might! Even if you don’t have teenage a driver or own a pool, a tree house, swings, a trampoline, or a dog, you should still strongly consider purchasing an umbrella policy. Accidents happen, and some result in high costs. Without umbrella insurance, you will be financially liable for claims that exceed your liability limits.

Even the most careful person can end up in a situation in which they did not foresee. These events can be pricey, and with an umbrella policy, you can protect yourself against a devastating financial loss.