Umbrella insurance is cheap because it is designed for only rainy days. It is functioning as well. It
provides you with extra liability coverage not only for auto policy, but also your renters or homeowners
If you have kids that own toys such as motorcycles, snowmobiles, motor homes or ATVs, you could design
umbrella coverage additionally through the liability protection for these possessions as well.
NB: this insurance does not cover everything. For instance, if your sued and the assesses punishment
damages on you, umbrella insurance won’t pay such damages. This is damages giving to someone by the
court in order to punish the person being sued. Punitive damages are given for immorality, reckless
Policies could be bought with $1 million limits for $250 per year, this depend on what you have. Like
the numbers of cars, homes, toys and even young drivers in your home. If need be more than $1 million of
coverage for $100 to $200, have a taught about it. You can increase your per-person liability limits 5
times, or more for just a few dollars. This is applies to your auto, renters or homeowners and as well
of toys policies.
Umbrella Coverage: How It Works...
Umbrella insurance sits with liability coverage on top your homeowners or renters, auto, and other policies.
Let’s say you have per-person liability limit of $250,000 on your auto policy. again, let’s say you caused
an accident which made a driver or passenger in the other car ultimately awarded 4450,00 for their injuries
and loss of income.
Your auto policy will have to pay the first $250,000, and your umbrella will pay in the remaining $200,000.
Some insurers offering umbrella policies require you to have your homeowners and auto policies with these
companies as well, since umbrellas provide coverage over the top of homeowners or renters and auto liability
limits. That is not a problem because many insurers are excited to be able to provide someone’s homeowners
or rentals, auto, and umbrella insurance, and mostly given many account discounts which will reduce your
cost even more. We are representatives of some companies which can write a “stand-alone” umbrella in many
cases where you need to keep your auto and home coverage with different insurance carriers.
For most insurers giving umbrella coverage, liability amount of certain amount on your auto and homeowners
policies will be required from you. It has a minimum of $300,000 or $500,000 for homeowners and $250,000
per-person/$500,000 per accident for auto. The smallest possible amount is the cost for increasing your
underlined policies to these minimal.
We will be happy to assist, our licensed agents are always ready to help you in reviewing your options and
finding the best combination of value for your budget and coverage and your family’s needs. Give us a call
so we could talk about umbrella coverage for more clarification.