Protecting your family and its assets is very important, one great way to do this is with an umbrella insurance policy that is designed to cover extra liability beyond your auto and home insurance liability. It can help to protect against major lawsuits, claims or unforeseen events that you are responsible for. Umbrella insurance is a great way to protect you and your families financial future.
Why Umbrella Insurance?
It is mainly designed to help cover devastating liability claims, lawsuits or injury. Typically the coverage comes into play when your auto and home insurance liability has been exhausted. Umbrella insurance can cover bodily injury, personal injury, property damage and sometimes even landlord liability. It is important to remember that every umbrella insurance policy may be different. With different companies come different coverage. Don’t assume that all umbrellas are made the same.
What isn’t covered?
Personal Property– Typically an umbrella policy is designed to cover your liability or damage to someone else’s property. Therefore your personal property would not be covered. Coverage on personal property would only be covered if it is owned by someone else and you cause damage to it. For example, if you had a pipe burst in your condominium your personal property would not be covered under an umbrella policy. Now if that same burst and caused damage to your neighbors personal property below, the umbrella could possibly provide coverage if you are found as responsible for the damages. It is important to note that the umbrella may only provide coverage if your underlying limits are exhausted.
Intentional Acts– Intentional acts are generally excluded from an umbrella. Coverage could apply if the intentional act was due to you having to defend yourself.
Business – Claims from a business will not covered under a personal umbrella. You can purchase a business umbrella to provide coverage for business exposures.
Other exclusions can also include War, Nuclear, Pollution, Aircraft, Injury to an Insured and Professional Services.
Common Misconceptions
A common misconception is that umbrella insurance is only for the “rich”. This misconception may be held with consumers but also with some insurance agents. Anyone could face a major claim or lawsuit. Umbrella policies are for everyone and Millennium Brokers recommends this important coverage.
What does an Umbrella Cover?
Bodily Injury Liability– Generally Covers the damage to harm to another person. Typically this is could pay toward medical bills but sometimes can also include loss of wages or rehabilitation. Examples could include:
- Injuries to car accident caused by your negligence
- Harm caused by a dog that you own
- Someone getting hurt on your property and you being found as responsible
Property Damage Liability– Generally covers the cost of damage to someone else’s property. This might include:
- Damages to vehicles and other property because of an accident where you are at fault.
- Accidental damage caused by yourself or someone in your household that you are responsible for.
Some examples of additional coverage that an umbrella may cover;
- Libel
- False Arrest
- Malicious Prosecution
- Other Liability Situations
How do I get Umbrella Coverage?
If your looking to purchase an umbrella insurance policy look no further. Millennium Brokers offers umbrella polices, we can either bundle with your home and auto. In contrast, we can also get a stand alone policy as long you have certain qualifying limits of liability. You can get a quote started now or call 417-772-7822.