Think of umbrella insurance as protection for you and your family when all other standard insurance coverage is exhausted. It is often an overlooked yet affordable insurance offering.
Learn more about all the particulars in this post, including the who, what, and why of this coverage.
Who Should Consider an Umbrella Policy
- Individuals or Families that have significant savings and investments
- Adults that wish to protect against the potential loss of future income
- Homeowners who have a swimming pool, trampoline, or certain breeds of dog
- Individuals that participate in perceived risky activities such as hunting, downhill skiing, or mountain biking
- Individuals who own investment property
- Business Owners
Why Umbrella Liability Insurance is Essential
Consider the assets you own – your car, home, investment accounts, savings, and checking. Then consider your current yearly income and multiply it by the years you plan to work. Add it all together, and this becomes your asset base.
If you are subject to a lawsuit due to an accident deemed your fault, a slip and fall in your home, or property damage caused by your car, the cost of a judgment or settlement can run into thousands of dollars. Since many auto or home insurance policies only provide up to $500,000 worth of protection, umbrella insurance can provide you and your family with an extra $1 million of liability coverage if required. Higher limits may be available.
What is the Cost
Generally, a $1 million personal liability coverage from an umbrella policy can run between $150-300 per year. Much of the cost depends on the number of people covered, the ages of the individuals, and previous insurance claims.
Before purchasing this optional protection, you will need a minimum liability coverage on your home, condo, or auto insurance of $250,000 split limits or $300,000 CSL.
What it Covers
- Bodily injury claims
- Property damage
- Legal expenses
- Personal defamation claims
Learn More
For more information about our umbrella policies, please click on the links below:
Consider these Next Steps
Please call our Akron office to schedule an appointment if you already have your home, auto, and business policies with us.
If you are new to AIDI, let us analyze your current insurance policies, understand your needs, and create clear policy recommendations to protect you, your family, and your business.
Please call us at 330-753-8700 from 9:00 AM – 4:30 PM Monday – Thursday or 9:00 AM – 3:00 PM Friday.
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