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Learn how umbrella insurance provides extra coverage for your assets against lawsuits and liabilities.
Umbrella insurance or excess liability coverage protects assets from potential lawsuits. Therefore, if you have assets (property, investments, savings) or the potential for high future income that you’d like to protect, umbrella insurance is probably a good idea.
Umbrella insurance costs less than $1.00 per day and extends coverage on top of underlying insurance policies and their liability coverages (typically home, renters and auto insurance). Umbrella policies are sold in increments of $1 million and becomes less expensive when bought in bulk, the price per million gets cheaper as you increase the umbrella limit. In a country where million dollar lawsuits and settlements are common, umbrella insurance is a practical preventative measure. Furthermore, umbrella insurance provides additional coverage for:
Typically, most auto and home insurance carriers will offer umbrella policies and provide additional savings to underlying policies due to multi-policy discounts.
It should also be noted that umbrella policies also require minimum underlying coverage to each policy. Common underlying limits for auto are at least 100,000 bodily injury liability per person and 300,000 bodily injury liability per occurrence (if not higher). For home or renters, it’s typically 300,000 personal liability (if not higher).
With Vero’s free assessment tool, discover if umbrella coverage might be a good solution for you.
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