What is Personal Umbrella Insurance?

You’ve probably heard the term ‘umbrella insurance’ but may not be familiar with what it is. Umbrella insurance is extra liability insurance coverage. In the event of a lawsuit due to an accident or other legal issue, you’ll want to have umbrella insurance. Although an umbrella policy can also cover liability claims that don’t result in legal action.

Our Personal Umbrella Policy

Our personal umbrella policy is designed to provide high limits of liability coverage, beyond what your regular homeowners, mobile homeowners, lake estate, or dwelling package policies may cover – it works in conjunction with these other policies and is there to protect you from a financial loss due to a liability exposure.

About Personal Umbrella Insurance

• Umbrella insurance is a type of personal liability insurance that will cover claims beyond your regular homeowners policy coverage.

• Umbrella insurance covers the policyholder as well as any other family members included on the policy.
• Umbrella insurance covers bodily injury to others or damage to their property – it will not protect your property.
• Umbrella insurance is very affordable in comparison to other types of insurance.

Reasons You Need Personal Umbrella Insurance

1. Driving

Medical Expenses

Even if you’re the safest driver on the road, you never know who’s driving next to you. It’s estimated that one in seven drivers are uninsured, according to the Insurance Research Council. Not to mention the number of drivers who carry the state minimum auto insurance requirements. The truth is, there’s a strong chance of suffering a big loss after an accident with someone who is uninsured or underinsured. If you or someone in your family gets into an accident, a personal umbrella policy will cover your medical needs if your primary auto policy reaches its limits.

Liability

If you get into an accident that was your fault, personal umbrella insurance offers additional liability coverage. An umbrella policy can help prevent you from having to pay out of pocket for someone else’s medical expenses or legal bills.

2. People

You never know what could set someone off. Whether it’s an insult on social media, or a dish you made that got several people sick – you could get sued. If a lawsuit is brought against you, a personal umbrella policy will cover all related medical and legal expenses beyond what your primary policies cover.

3. Property & Pets

As the owner, you’re responsible for any accidents that might occur on your property. Whether someone slips and falls or your dog bites someone, you are responsible for any injury, rehabilitation, loss of wages, and legal fees. A personal umbrella policy will provide you with the additional liability coverage you need to cover these expenses.

The Takeaway

There are many situations where a personal umbrella policy would be needed. It provides an additional layer of liability coverage on top of other personal insurance policies and can be a saving grace. The peace of mind a personal umbrella policy brings makes it well worth it.

As your local Farm Bureau Insurance Agency, we value the opportunity to work with you and protect your valuable assets. You can trust that our personal umbrella policy will be there for you when you need it.

Interested in learning more? Don’t hesitate to contact us – we’re happy to answer your questions! Stay tuned for future blog posts.