Personal Umbrella Insurance

Most personal lines liability policies, such as home, auto, renters or watercraft, have limits up to which it will pay out for covered claims. Having an umbrella insurance policy can help protect you from liability claims or lawsuits that exceed the limits of your current policies. To learn more about personal umbrella insurance and determine whether it’s right for you, contact us today.

Protect Your Financial Livelihood

Personal umbrella insurance can help protect you against potentially damaging liability claims or judgments by covering any liability costs that exceed your existing liability policy limits. For instance, if you cause an auto accident and a third party is injured, your auto insurance may cover the driver’s medical costs and repair costs to their car, up to your policy’s limit. If the medical expenses or property damages exceed your policy’s limits, and it can’t adequately cover the other driver’s bills, an umbrella policy may help cover the additional costs.

Without umbrella insurance, you’re liable for paying any additional expenses out-of-pocket. Also, your assets become vulnerable without umbrella insurance, including your house, car, financial and retirement accounts, and future income.

What Is Umbrella Liability Insurance and When Should You Consider Buying It?

Umbrella liability insurance is a type of personal insurance that provides an extra layer of liability coverage above and beyond the limits of your existing home, auto or watercraft policies. When a claim exceeds what your underlying policy will pay, umbrella insurance steps in to cover the remaining costs up to its own limit. It essentially acts as a financial backstop for serious accidents, lawsuits or incidents where damages could otherwise come out of your own pocket.

You should consider buying umbrella insurance if you own significant assets, have a high income or simply want greater peace of mind in the event of an unexpected liability claim. Situations like a serious car accident, an injury on your property or a lawsuit stemming from something you said online can all generate damages that outpace standard policy limits. If you have a pool, trampoline, rental property or teenage drivers in your household, your exposure to large liability claims tends to be higher and umbrella coverage becomes even more worth considering.

How Much Does Umbrella Insurance Cost and How Can You Get Umbrella Insurance Quotes?

Umbrella insurance is generally considered one of the more affordable ways to substantially increase your liability coverage, though the exact cost will vary based on factors like where you live, how many vehicles or properties you own and your overall risk profile. Insurers typically look at your underlying policy limits and claims history when determining your premium so maintaining a clean record can work in your favor. Residents in Evansville, IN can speak with a local agent to get a clearer picture of what to expect based on the specific carriers available in the area.

Getting umbrella insurance quotes is straightforward and usually starts with contacting your current insurance agent, since many carriers offer discounts when you bundle umbrella coverage with existing home or auto policies. An independent agent can also shop multiple carriers on your behalf and help you compare options side by side. From there, your agent can walk you through coverage amounts, eligibility requirements and any gaps you may want to address in your underlying policies before adding an umbrella layer.

Contact Us Today

A personal umbrella insurance policy may cover claims that exceed the liability limits of your existing policies. Lancaster Insurance Agency can help you evaluate your needs and risks to ensure you have suitable coverage to protect your financial livelihood.