A personal umbrella insurance policy shouldn’t be considered an “extra”. It’s almost an essential insurance product to make sure you reduce your risk and legal liability in the event of an accident or other catastrophe. This additional coverage extends your homeowners, renters or auto insurance policy up to 5 million dollars. An independent insurance agent at Henry M. Murray in Annapolis can help you decide what level is right for you.
Umbrella Insurance Coverage
To get an umbrella insurance policy, you must also have homeowners, renters, auto, boat or RV insurance. Coverage kicks in when your primary policy is exhausted. The umbrella policy may also be used as the primary insurance to cover losses not typically included in a standard homeowners policy (for example slander or libel).
How Does Umbrella Insurance Work?
Let's say you are at fault in a car accident and the other driver is seriously injured. In a lawsuit, a judge awards the victim 1 million dollars. If your auto insurance liability is only $250,000, you'll be responsible for the remaining $750,000 plus any additional attorney fees. If you had an umbrella policy for 1 million dollars, you would be completely covered.
What's Covered By Umbrella Insurance?
- Bodily injury, not limited to slip & fall, dog bites, swimming pool accidents, etc.
- Damage to another person's property
- Libel, slander or invasion of privacy claims
- Worldwide protection
How Much Does Umbrella Insurance Cost
You might be surprised by how affordable umbrella insurance is. For less than a $1 per day, you could add $1 million in coverage. One of our independent insurance agents can help you assess your risk and determine the amount of coverage you need. Here are some things to consider:
- What is your net worth? Include all properties, possessions, savings, retirement, etc.
- What is your potential loss of future income? A lawsuit could impact the assets you have now as well as future income.
- What are your risks? Do you have a swimming pool, inexperienced drivers, or dog?
Umbrella Insurance FAQs
Can I just buy an umbrella insurance policy?
To qualify for umbrella insurance, you must also have an auto, home, boat or RV insurance policy with the same carrier. Some insurance companies require the primary policy to have a minimum liability. One of our independent insurance agents can help you with the details.
I already have liability coverage on my homeowners or auto policy, why do I need more?
Most homeowners and auto insurance policies carry a minimum liability insurance. If there were an accident on your property or if you injure someone in an auto accident, that liability insurance may not be enough to cover damages. An umbrella policy also covers liabilities that are typically excluded from a homeowners policy like libel, slander and invasion of privacy claims.
How much does Umbrella Insurance cost?
Umbrella insurance is usually available in amounts of one to five million dollars. A one million dollar umbrella insurance policy typically costs less than one dollar a day.
Who is covered by my Umbrella Insurance policy?
Generally speaking, the umbrella policy will cover you and any members of your family living in your home.
Will I be covered if I travel?
Yes, umbrella insurance policies offer global coverage.
Get an Umbrella Insurance Quote
What makes Henry M. Murray Agency the "best" insurance agency in Annapolis? Our customer service and support, plus the fact that we can offer you several insurance quotes and help you pick the one that's right for you. One of our experienced, independent insurance agents will review your current policy to help determine what level of umbrella coverage you need.
Contact us today for an umbrella insurance quote. Call 410.417.6505 or request a quote online.