What You Might Not Know About Umbrella Insurance
We all often hear of the countless perks provided by a personal umbrella insurance policy from Weber Insurance Corporation. How umbrella protection offers a suite of coverage for just about everything.
Most of us know that umbrella provides coverage when someone is injured, or asset protection if someone sues for your assets, though, there are a few tidbits that a lot of us don’t know, such as, How expensive is Umbrella Insurance? What is a liability risk? Are there liability limits and if so, how high are they?
If you’ve ever wondered whether personal umbrella insurance is worth it for you, or whether it even applies to you, then take a look below. We’ve listed a few great facts about personal umbrella insurance below.
Personal Umbrella Could Cover Just About Everything
Generally speaking, any accidental or intentional event that occurs on your property or in your vehicle, you’re liable for. That means something as simple as a friend slipping on some ice in your yard could leave you liable for their medical bills.
Where the issue exacerbates, however, is when someone is severely injured and comes for your assets. Umbrella policies sit on top of your existing coverage which means these policies cover excess liabilities that aren’t covered in your auto or home insurance policy. This means that if you’re covered for up to $350,000 on your home insurance policy and damages exceed this, your umbrella policy could cover the rest.
Often an umbrella policy can boast excess coverage that exceeds one million dollars – with premiums that could cost only a few hundred dollars a year.
Overseas Incidents Could be Covered Too
When you leave the United States for work or leisure, your home and auto insurance is left in the US too. Though your personal umbrella policy could follow you wherever you go. If you have mid-range travel insurance, and an incident’s damages exceed the limit on this policy, your umbrella policy could stand in to cover the additional costs.
Umbrella Policies Aren’t Expensive
One of the biggest reasons behind Americans forgoing personal umbrella insurance is the belief that umbrella policies are expensive policies reserved for ultra-high net worth families. Though, this couldn’t be further from the truth.
All of us have so much we need to protect, and with average home and auto insurance policies capping out at a limit of $500,000, an umbrella policy provides that essential extra cushioning.
An industry-wide study by the Insurance Information Institute revealed that for million-dollar excess coverage, insurance providers charged an average of just $250 a year. This makes solid umbrella policies more than affordable for the average American family who has an existing, non-minimum home or auto insurance policy.
An Umbrella Policy Can Protect Future Earnings
As personal umbrella insurance is all about protecting your finances, you can rest assured that your future finances could covered too. An easy way to visualize this is as follows: If you strike a pedestrian or cyclist while driving and damages exceed your auto insurance’s $250,000 coverage, your umbrella policy will stand in to cover the rest. This could be up to a million dollars or more, which keeps your future earnings thoroughly protected.
How To Get an Umbrella Policy – It’s Not Standalone
The first thing you must know about personal umbrella insurance is that it’s not a standalone policy. You must already have a non-base-tier home or auto insurance policy already for a personal umbrella insurance policy to be added.
Once you have an existing policy, you can then add personal umbrella insurance to it. Typically all policies start at one million dollars which provides a fantastic level of insurance as a starter. To make things a little easier, you can speak to a Weber Insurance advisor for some more information on whether you’re eligible or if you need to change policies.
The next step is simple!
Call us today at (215) 860-0400 to learn how our agents could get you the best Personal Umbrella Insurance in Bucks County, PA, at the best price, with great service! You could also Request A FREE UMBRELLA INSURANCE QUOTE on our website or to request more information.
