This type of insurance is essential for individuals and families who want extra coverage in case of large, unexpected claims. Whether it’s a serious car accident, a lawsuit, or an unforeseen event, excess liability and umbrella insurance ensure you’re not left exposed to financial risk.
While your primary insurance policies cover specific types of claims, umbrella insurance provides broader coverage and higher limits, safeguarding your assets and future in the event of a catastrophic loss.
Key Features of Excess Liability/Umbrella Insurance:
Higher Liability Limits: Umbrella insurance adds a layer of liability coverage that kicks in once the limits of your primary policies (home, auto, etc.) are exhausted, providing additional coverage for major claims or lawsuits.
Broad Coverage: Umbrella policies cover more than just auto accidents or property damage. They provide coverage for lawsuits, false arrest, libel, slander, and liability for injuries that occur on your property or in other situations that might not be covered by your primary insurance.
Worldwide Protection: Umbrella insurance offers worldwide coverage, ensuring you’re protected no matter where an incident occurs, whether you’re on vacation abroad or traveling for business.
Disclaimer: Our carriers cannot guarantee that coverage bound in the United States of America will be honored and/or accepted in another country.
Affordable Peace of Mind: Given the higher limits of coverage provided, umbrella insurance is often more affordable than people expect. It offers significant protection for a relatively small additional cost.
Protection for Your Assets: Umbrella insurance is designed to protect your assets, such as your home, savings, investments, and even future earnings, in case you’re found legally liable for an expensive accident or lawsuit.
Legal Defense Coverage: In many cases, umbrella insurance covers legal defense costs, even if the lawsuit is frivolous or the claim is not settled in your favor.
Who Needs Excess Liability/Umbrella Insurance?
Excess liability and umbrella insurance is ideal for individuals and families who have significant assets, risk exposure, or want to ensure they’re fully covered in case of an unforeseen event. The following individuals typically benefit from umbrella coverage:
High-Net-Worth Individuals: If you have substantial assets, such as real estate, investments, or savings, umbrella insurance is essential to protect them from potential lawsuits or major claims.
Homeowners and Property Owners: A serious accident on your property, such as a guest being injured, could exceed the liability limits of your homeowners policy. Umbrella insurance ensures you’re covered in these situations.
Car Owners with Significant Assets: Car accidents, particularly those involving serious injuries or fatalities, can result in lawsuits that far exceed your auto policy’s liability coverage. Umbrella insurance provides additional protection.
Parents with Teen Drivers: If you have children, especially teen drivers, umbrella insurance provides extra coverage.
Active Lifestyles: If you engage in activities with higher liability risks, such as boating or hosting large gatherings, umbrella insurance will provide extra peace of mind.
Benefits of Excess Liability/Umbrella Insurance:
Comprehensive Protection: Umbrella insurance increases your liability coverage, offering full protection for your assets.
Peace of Mind: With umbrella insurance, you can rest easy knowing that you’re protected against the financial fallout of a major accident, lawsuit, or incident that could threaten your financial stability.
Affordable Coverage for High Limits: For a relatively low cost, umbrella insurance offers high coverage limits that could save you millions in the event of a large claim or lawsuit.
Legal Defense Costs Covered: Umbrella policies often cover legal defense costs, protecting your finances even if a lawsuit turns out to be unfounded or excessive.
Protection for Future Earnings: Umbrella insurance helps safeguard your future income, ensuring that you’re protected from claims that could jeopardize your ongoing financial well-being.
