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I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses. Part Of. Know the Basics. Insuring Your Possessions. Insuring Rental Property. Insuring Watercraft. Umbrella Insurance. Personal Finance Insurance. Table of Contents Expand. What Is Umbrella Insurance? What Does It Cover? Do You Need Umbrella Insurance? How Umbrella Insurance Works. What Does Umbrella Coverage Cost? Purchasing Umbrella Insurance.
What Isn't Covered? The Bottom Line. Key Takeaways Umbrella insurance is a type of personal liability insurance that covers claims in excess of regular homeowners, auto, or watercraft policy coverage. Umbrella insurance covers not just the policyholder, but also other members of their family or household.
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Umbrella insurance is extra insurance that provides protection beyond existing limits and coverages of other policies. Umbrella insurance can provide coverage for injuries, property damage, certain lawsuits, and personal liability situations. Umbrella insurance provides coverage beyond the limits of your other insurance policies, or for claims that may not be covered by liability policies.
Umbrella insurance generally provides liability coverage for:. You're thinking, "I have auto and homeowners insurance that covers some of these situations. But umbrella insurance insures you above and beyond the limits of those policies and covers some situations not covered by the other types of policies. Call us at to get an umbrella insurance quote today — the rates are less than you think! Umbrella Policy Coverage Examples: Bodily injury liability covers the cost of damages to another person's body.
Property damage liability covers the cost of damage or loss to another person's tangible property. Examples include the cost associated with damage to vehicles and other property due to an auto accident where you are at fault.
Owners of rental units help protect against liability that you may face as a landlord. Examples include the cost of liability claims due to:. Let's look at an example to help you better understand how an umbrella policy would work to protect you. Your umbrella insurance policy will. You run a red light and T-bone another car. There is significant damage to the vehicle, and several people are injured. If you had umbrella insurance, it would pay the difference between what your primary insurance covers and what you still owe.
An umbrella policy would also provide coverage for any of your legal costs in the lawsuit. In addition to paying out any damages up to your liability limit, your umbrella insurance will typically also cover associated legal costs over and above that amount. Details and exclusions can vary significantly between umbrella policies, but here are a few sample scenarios that would generally be covered:.
Your teenage son gets into a car accident, and the cost of injuries to other drivers is above your auto insurance liability limit. A houseguest falls down your stairs and sues you for her medical bills plus pain and suffering, exceeding your homeowners insurance liability limit. A restaurant sues you for writing a negative review online. Nor will it cover liability associated with your business unless you have a commercial umbrella policy rather than a personal one.
Boats are another common area of exclusions. Umbrella insurance usually doesn't cover. Others' injury treatment and funeral costs. Lawsuits involving slander, libel, defamation of character and other personal attacks. Others' injuries or property damage that your business is liable for.
Injuries or property damage suffered by a tenant if you're a landlord. Umbrella insurance isn't required by law but is most often purchased by people who have a lot of assets to protect or a high chance of being sued.
It might be worth purchasing umbrella insurance coverage if you:. Have significant savings or other assets. Are worried about liability claims against you when traveling outside the U. Own things that can lead to injury lawsuits such as pools, trampolines, guns or dogs check with your insurer to make sure your breed is covered. Have an inexperienced driver in your household.
Frequently host parties in your home. Regularly post reviews of products and businesses. Participate in sports where you could easily injure others such as hunting, skiing or surfing. Provides extra liability coverage and legal defense costs once the limits of your auto, home or other underlying policies such as boat or motorcycle have been exhausted.
Covers incidents that your main insurance might not, such as libel and slander.
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