Umbrella insurance

Umbrella insurance

 

 

What is an umbrella policy?

When the liability limits on your vehicle insurance or home owners insurance policy have been reached, personal umbrella insurance, also known as personal umbrella insurance coverage, protects you and your family.

If you don’t have the necessary amount of coverage, personal injury and property damage claims could put your assets, home equity, retirement funds, and more at danger. You have the option to add an additional $5 million in liability protection to your umbrella insurance policy when you get a quotation from UPI. An umbrella policy enables you to protect the way of life you’ve fought so hard to achieve.

 

The operation of umbrella insurance

 

If you’re held liable for more than your other insurance policies can handle and have an umbrella insurance policy, it goes far beyond your home and car insurance. You can choose a liability limit up to $5 million in a personal umbrella insurance policy that best protects your possessions. The following may be covered under umbrella insurance:

 

• For claims of libel, slander, defamation of character, and other personal harm claims
• Global coverage: For international incidents
• Protection from accidents involving boats, jet skis, scooters, and other rented items provided by vacation rental liability insurance
• Defense coverage: For court costs and attorney fees

 

If you are responsible for a significant claim, avoid paying out of pocket.

Think about the following scenario: Someone sues you for $1 million following a car accident or an event on your property or at your house. However, the maximum amount of damage your insurance will pay is $500,000 (often the highest amount of liability coverage available for standard homeowners insurance and auto insurance). Up to the maximum you chose, your umbrella insurance policy can pay for the additional $500,000 you are accountable for as well as your legal fees.