Personal Umbrella Insurance

Personal umbrella insurance is an additional layer of liability protection that goes beyond the limits of your existing home, auto, or other personal insurance policies. If you’re faced with a major claim, your standard policy may not fully cover the costs for which you’re responsible.

The other benefits of a personal umbrella policy include:

• Coverage for claims not included in your standard policies, such as false arrest, libel or slander; and

• Financial safeguard for your assets in case of a large lawsuit

Who Should Consider Umbrella Insurance?

Umbrella insurance can be particularly valuable for:

• Those who own high-value residential properties or vehicles

• Families with teenage drivers or pets

• Individuals with significant assets or savings

• Anyone who entertains guests or owns rental property

How Much Does a Policy Cost?

Several key factors can determine how much you’ll pay for a personal umbrella insurance policy, including:

1. Coverage amount: The more coverage you select, the higher your premium may be.

1. Underlying policy requirements: Some insurers require you to carry certain minimum liability limits on your primary policies. If your existing policies have limits lower than this threshold, you may need to increase them, which can affect your overall insurance costs.

1. Assets: Owning multiple homes, vehicles, boats or rental properties can impact your rates.

1. Household risk factors: Having teenage drivers, frequent guests, swimming pools, trampolines or pets may increase your liability risk and insurance costs.

1. Liability history: At-fault accidents, traffic violations or liability claims may result in higher premiums.

1. Occupation and lifestyle: Some professions or activities carry greater liability risks.

1. Location: Living in an area at high risk of crime or severe weather can affect your rates.

1. Discounts: Bundling your umbrella policy with your home or auto insurance, maintaining a good claims history, or being a long-term customer may qualify you for discounts.

Contact South Sound Insurance, Inc.  today for a personalized quote.