This insurance coverage kicks in if a judgement against you exceeds your auto or homeowners policy limits.

Is personal umbrella insurance worth it. An Umbrella policy is a type of stand-alone insurance policy that you can purchase for personal or business purposes that offers an additional limit of coverage which extends over and above the base insurance limits offered by the underlying insurance policy. The Insurance Information Institute estimates that a. For example if you cause an accident and are sued for damages your insurance will only cover up to the limits of your policy.

Your particular situation would determine if it is worth it. Ad With Access To Leading Insurers We Will Find The Right Insurance Cover For Your Business. A personal liability umbrella insurance policy can give you extra liability protection without additional costs.

Farmers Insurance recommends buying an umbrella insurance policy if your net worth is at least 1 million the minimum amount covered by most umbrella policies. Generally the next million will cost roughly 75 and 50 for every million. Thats a good thing given that many basic auto and homeowner insurance policies offer just a small amount of coverage in these cases.

Ad We Work with Our Insurance Partners to Find You Great Deals and Prices on Your Cover. Umbrella Insurance Is a Form of Liability Insurance Instead of covering specific objects such as your home or your car an umbrella policy protects you and your financial assets. Also known as personal or excess liability protection an umbrella insurance policy provides coverage above and beyond a typical insurance policy if youre found to be at fault and sued for damages.

Lets say you have a 500000 liability limit on your homeowners policy. Ad With Access To Leading Insurers We Will Find The Right Insurance Cover For Your Business. The price of obtaining 1 million of personal liability coverage from an umbrella policy is relatively low generally costing between 150 and 300 per year according to the Insurance Information Institute.

It protects you when youre sued after an event that occurred on your property or if you unintentionally cause someone injury. Since the whole point of umbrella insurance is to protect your assets from a lawsuit it only makes sense to buy it if you have assets to protect. For Independent Advice Cover You Your Business Can Rely On Call Our Experts Today.