Protection above and beyond your homeowner’s and auto insurance policies – Personal Umbrella Insurance

A personal umbrella insurance policy is the ultimate way to protect your assets and your future. In addition to your standard lines of coverage, a personal umbrella provides an extra level of protection.

In essence, an umbrella policy gives you additional liability protection above and beyond what your home, auto, boat, and/or other policies would provide. In the event of a liability loss, it puts more money on the table from the insurance company to protect you and your assets. A personal umbrella policy is a great way to protect yourself from a lawsuit that not only can impact your current assets, but your future earnings as well.

Umbrella insurance helps you keep what you have worked so hard to build. For a small amount of money, you get piece of mind.

How we can help

An umbrella policy may also pay claims that are not typically covered by other personal policies. Talk to a qualified Cross Insurance agent today about a personal umbrella policy today.

Looking for a Commercial Umbrella Insurance? We have those too!

Frequently Asked Questions about Personal Umbrella Insurance

Who needs a personal umbrella insurance policy?

Anyone who wants additional liability coverage for their home, auto, boat or rental insurance property should get an umbrella insurance policy. Umbrella insurance gives you above and beyond insurance protection.

What exactly is an umbrella policy?

Liability insurance is designed to protect your assets from being taken due to a judgment. If there is a judgment that is rendered against you that isn’t covered by the liability policy or exceeds the policy’s limits, what happens? You may be required to liquidate assets to raise the money to pay the judgment.

This is where an umbrella or excess insurance policy a necessity. Umbrella and excess insurance policies are designed to be additional layers of coverage above primary insurance policies.  However similar they are, umbrella and excess policies are not the same.

What is the difference between an umbrella policy and excess insurance?

Excess liability insurance provides additional coverage after an underlying liability policy has reached its limit. It may cover any claims that would have been covered in the underlying policy. However, it excludes any claims the underlying policy did not cover.

Umbrella insurance coverage covers injury to others or damage to their possessions; it does not protect your property. Umbrella policies also offer higher liability limits and broaden coverage for things that an underlying policy might not cover. For instance, an umbrella policy could extend coverage to include worldwide coverage.

Excess insurance does not affect the terms of your underlying policy, but instead provides additional limits. Umbrella insurance is a broader type of excess insurance that can additionally cover situations outside the scope of the underlying policy.

What are the limits available for umbrella insurance?

Typically umbrella insurance policies are available in $1 million – $3 million. While uncommon, higher coverages can be found.

In what situation would an umbrella policy come in handy?

There are countless situations where umbrella insurance would come in handy. Here is one example:

You get into a car accident where you are at fault. Your insurance policy covers you for $500,000 in 3^rd party damages. However, the other individuals in the car accident needed medical attention and future treatment for rehabilitation. On top of that, their car was totaled. The total damages for the other party are more than $650,000.

You are responsible for the remaining $150,000 that your $500,000 insurance policy did not cover. If you have an umbrella insurance policy, it will then kick in to cover this excess liability. If you do not have an umbrella policy, would you be able to foot the bill? If you cannot pay for the remaining balance, a court may issue your future wages to be garnished.