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Umbrella insurance provides additional liability coverage over and above the limits on other personal liability policies. Umbrella insurance protects you when costs of covered claims exceed the limits of your home insurance, auto insurance, or boat insurance policies.
Umbrella insurance can also help cover defense costs, attorney fees and other charges when you are being sued for damages to someone else’s property or injuries caused to others in an accident.
It’s an affordable way to keep an extraordinary event from becoming a financial life-changer. Umbrella insurance is available in $1 million increments up to $10 million. Depending on coverage, cost can be less than $1 a day.
Your daughter causes a car accident
While in high school, your 17-year-old daughter causes an accident that seriously injures a company’s top two executives. Your auto liability insurance limits may not be high enough to cover their medical expenses and lost income while they recover.
Your injured guest needs long-term care
A guest at the pool party you’re hosting slips on the pavement and falls onto a stone-paved deck. She’ll be okay — but will need back surgery and ongoing rehab. The cost of this care will exceed the limits of your homeowners liability insurance.
You flood your downstairs neighbor
You forget you left your bathtub running when you get distracted while checking for mail in your apartment building’s lobby. While you’re gone, the tub overflows — saturating your downstairs neighbor’s home office. Renters insurance won’t cover the full costs of damage to her property and business.
On average, a standard umbrella policy provides additional liability coverage for:
Personal Umbrella coverage follows you anywhere in the world and covers claims like libel, slander, defamation of character and invasion of privacy (e.g., social media)
Optional umbrella coverage can be added for other property and situations like:
Generally, damage to your own personal property is not covered under a personal umbrella policy. Additionally, a personal umbrella policy isn’t designed to protect you from liability connected with your own intentionally harmful behavior; for example, if you intentionally harm a visitor to your home.
Another example of coverage not included in a typical umbrella policy are business losses, even if your business is operated out of your home. Consider purchasing business insurance if you need this type of coverage.