A traditional insurance such as homeowners, auto, boat or RV will typically cover damage to property, theft and liability for personal harm or injuries. Imagine an accident that would cause such terrible damage, personal injuries or other harm to a third party that could offset a claim or a lawsuit larger that the liability limit defined in your other insurance policy? Everything you own and have saved up for future life events and milestones including your home, your business, retirement savings, college savings etc., could be at stake and leave you with nothing or even worse afterwards. An umbrella insurance policy is an add-on to other common insurance policies with liability limits, that will increase the limit by one million dollars or more to cover costly claims and lawsuits that otherwise would have left you unprotected. An umbrella insurance policy should be considered if the value of all your personal assets that could be pursued in legal actions exceeds one million dollars, which is the minimum liability add-on of a policy. Even if your total net worth is below a million dollars, a claim could tie up future earnings and assets for the remainder of your life in case of a lawsuit.
In addition to covering large claims, it covers legal fees, and claims from events typically excluded from other liability policies such as slander, libel, false arrests, invasion of privacy and character defamation anywhere in the world. Also covered are items you rent but don’t have insurance for, such as a car or a boat.
An umbrella insurance policy is strictly a liability insurance. It will not increase the coverage on your own personal belongings, should the cost of damage exceed the coverage of your other insurance policies. If you want additional coverage for personal belongings, you would need to increase the value of your other insurance policies.
Speak with one of our knowledgeable Crusberg-Decker insurance agents about your need for an umbrella insurance. We will take a close look at your existing liability insurance coverage and your net value to determine the optimal umbrella policy that would protect your assets and lifestyle from impacts of unforeseen costly events. Contact us at 800.640.1712 or fill out the form on this page to learn more.
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