Jonathan Geissler March 7, 2017 No Comments

A primer:

Umbrella insurance is additional liability coverage, expanding and strengthening your primary home and auto liability. This insurance provides an extra layer of liability protection over your vehicles, home, and any of your treasured “toys,” such as boats, RVs, or motorcycles.

If you have a business, you may need a separate commercial umbrella policy.

What are the benefits of umbrella insurance?

  • Additional liability coverage of $1 million or more.
  • Added coverage for defense costs.
  • Liability coverage for lawsuits that are not covered by your underlying personal liability insurance.

When is umbrella insurance most handy?

Lawsuits and large settlements are a fact of life and a common occurrence these days. An injury can take place in homes, businesses, or cars, and when it happens, the ones involved will usually fight for gain whenever money is involved.

Setting a scenario:

Say you have $500,000 in liability coverage on your car insurance and you are involved in an accident. You are hit with a claim of $1,000,000 because of a serious incident that included bodily injury. You would be responsible for the extra $500,000 yourself, unless you had a sufficient umbrella insurance policy.

How much does umbrella insurance cost?

Surprisingly, umbrella insurance is extremely affordable. For a payment as low as $14 each month, you can add $1 million or more of safety liability coverage. The premium can vary depending on many factors such as the number homes, automobiles, and recreational vehicles you own. The minimal cost is worth the peace of mind!

Who should be MOST concerned about owning umbrella insurance?

If you have investments, property, or own any other assets that value more than your liability limits, making a monthly payment for umbrella insurance to provide the additional layer of protection is a no-brainer. Knowing you are protected is worth the low price; there is no such thing as being over-insured for a lawsuit.

 

If you want us to take a look at your insurance plan or would like to discuss umbrella insurance options, please give us a call at 845-986-1177.  We are your business, home, auto, and life insurance solutions provider, partner, and adviser, serving Warwick, Greenwood Lake, Florida, Goshen, Pine Island, Middletown, Chester, Monroe, Newburgh, Orange County, and the Hudson Valley and Tri-State Area.

 

Related:

How Much Insurance Do I Need?

Protect Your Home During Summer Vacation

The Most Common Home Insurance Exclusions

Just a Few Reasons You Would Need Umbrella Insurance

Garrett Explains | Episode 10: Are Recreational Vehicles Covered by Your Home Insurance?