
Understanding Personal Umbrella Insurance
We live in a dangerous world where our assets need to be protected from a severe incident. Umbrella policies are added onto existing policies and they typically require that underlying coverage limits be maintained: $250,000 liability for auto insurance and $300,000 for home or other property insurance. A personal umbrella policy is usually provided in steps of 1 million dollars. Coverage limits from 1 million dollars to 10 million dollars are usually available; personal umbrella insurance is also quite affordable, with rates starting at around $130 a month.
What is Covered Under Personal Umbrella Insurance?
An umbrella policy will provide extra liability coverage over base policies. The coverage supplied by an umbrella policy usually follows what is provided by your base policies, including the following:
- 3rd party liability for motor vehicles, homes and rental property, slander, libel, slander, and other related claims.
- Uninsured motorist bodily injury is sometimes available
- Judgments and settlements up to the umbrella coverage cap
- Costs for defense, including attorney expenses