Personal Umbrella Insurance

A commonly overlooked type of insurance is personal umbrella insurance. If a catastrophic financial event occurs, a personal umbrella policy might be your best protection.  

Significant and potentially damaging liability claims and judgments can be devastating to your finances. A personal umbrella insurance policy can help protect your savings and other assets, especially if liability costs exceed your existing liability policy limits. Without umbrella insurance, you pay expenses out-of-pocket.  

Why Should I Buy Personal Umbrella Insurance? 

Accidents resulting in high costs can happen to anyone. An umbrella policy can prevent you from personally paying for another person’s medical or legal bills if you’re found responsible.  

For example, if you’re at fault in a car accident that injures another driver, your regular auto insurance will cover the other driver up to your policy limit. However, if your limit isn’t enough to cover the other driver’s medical bills, umbrella insurance would help cover the additional costs.  

An umbrella policy helps protect your bank account, home and other personal property, giving you additional protection for many situations that aren’t covered under different insurance policies, such as: 

• Accidental injuries on your property
• Accidents involving a boat, ATV, or other recreational vehicles
• Auto accidents
• Golf course injuries
• Defense fees and additional legal costs
• Personal injury coverage for claims of libel, slander and more 

When Does Coverage Begin? 

A personal umbrella insurance policy starts when you’ve reached the underlying liability limits of your homeowners insurance or auto insurance. Your umbrella policy may even cover liability claims such as libel, slander and false imprisonment. In addition, umbrella insurance doesn’t just protect you; it may also protect your spouse and any family members living in your household who are named on your existing policies.  

We Can Help 

Personal umbrella insurance isn’t legally required, so you don’t need to buy a policy. However, it may be good coverage if you have assets that need protection or a high chance of being sued, and you don’t want to shoulder a significant financial burden. 

The Andrews Insurance Agency can help protect you, your family, and your finances. Call us today at 401-722-4271 to get help with an umbrella policy that protects your financial future.