Umbrella Liability Insurance

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Umbrella Liability Insurance

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Personal Umbrella Liability Basics

Unfortunately, accidents happen—and it’s not uncommon for jury awards and out-of court settlements to run in the millions.

Are you certain your current liability insurance offers you enough protection? Of course, it’s difficult to pinpoint the monetary consequences of the risks you and your family take each day. However, consider what would happen if:

  • Your teenager runs a stop sign, causing a serious accident?
  • A deliveryman falls on your sidewalk and is seriously injured?
  • A babysitter is injured by your otherwise friendly dog?

What happens if you are found legally responsible? If you are found to be legally responsible for injuring someone or damaging their property and you are without a personal umbrella liability insurance policy, anything beyond the limits of your standard liability insurance coverage will come out of your own pocket. Standard liability insurance generally includes homeowners, renters, auto and watercraft policies.

Like an umbrella that protects you from the rain, a personal umbrella liability policy provides an extra layer of insurance coverage over your standard liability policies. This insurance protects your personal assets by kicking in when your standard liability coverage is exhausted.

How Much Coverage Do I Need?

To answer this question, you’ll want to take into consideration not only your total personal assets, but also your potential personal risks. For example, do you operate a business in your home and have employees and clients to your home on a regular basis? Does your profession or location of your home make you an easy target for a big settlement? Determine your personal risks to evaluate the amount of additional liability coverage that makes the most sense for you.

Coverages start at $1 million, and can go as high as $10 million. Discuss your personal needs with Friedle Insurance Agency when considering the value of the umbrella policy.

How Much Does Coverage Cost?

When compared to the added coverage you gain, additional liability insurance is inexpensive. Depending on the policy value and your personal risk factors, such as recent auto tickets, your credit rating, etc., a $1 million umbrella policy typically costs about a dollar per day. Costs go up to an additional $50 – $75 for each million thereafter.

Get the Best Rate

It’s a good idea to source all your liability policies from the same insurance company; therefore, ask us about our Friedle Insurance Agency multi-policy discounts.

Who Needs an Umbrella Liability Policy?

You do! Contrary to popular belief, umbrella liability policies are not just for the wealthy. At Friedle Insurance Agency, we recommend that everyone should consider carrying an umbrella policy. Do you engage in a high-risk activity or hobby that increases your odds of getting sued (such as having a teenage driver, owning a swimming pool or entertaining frequently)? If so, it is wise to supplement your insurance with a personal umbrella liability policy.

Don’t wait for a rainy day to find out if you need the additional protection a personal umbrella liability policy can provide. Call Friedle Insurance Agency today and we’ll begin discussing your unique needs. Get in touch and learn about all of our liability insurance solutions.