What is Umbrella Insurance used for?
Life can be unpredictable and as much as we plan for the best, sometimes the worst can happen. This is where umbrella insurance comes into play and provides you with additional coverage that goes above and beyond to protect your assets.
Umbrella insurance is a stand-alone liability policy that provides an additional limit of liability over and above your underlying liability limits that are already on your homeowners and auto insurance policies.
Life can be unpredictable and as much as we plan for the best, sometimes the worst can happen. This is where umbrella insurance comes into play.
Umbrella Insurance Example
Say you’re held liable for causing a car accident with multiple vehicles, and the cost to cover the damages and injuries is $850,000. However, the liability limits on your Auto policy are only $300,000.
You would be responsible for the remaining $550,000 out of your own pocket!
In this case, an Umbrella policy would provide liability limits above the $300,000 limit of your Auto policy, up to the limit you choose for your Umbrella.
In other words, you wouldn’t be left paying the remaining $550,000.
How Much Does Umbrella Insurance Cost?
One of the things that make Umbrella insurance so appealing is that the cost is generally very low.
Most insurance carriers offer coverage starting at around $150 per year. It really depends on the number of cars and homes you need it to overlay.
Even if your premium was $300/yr, the insurance company is on the hook for at least $1,000,000. That is a tremendous value!
How to Get Umbrella Insurance:
If you don’t have enough coverage, and in a world where medical expenses are skyrocketing, it only makes sense to think about purchasing Umbrella insurance.
Call our office at (712) 263-3193 to talk directly with an agent! You can also fill out the form below and our team will shop the marketplace to see who offers the best coverage