There is a saying “You don’t have to be a millionaire to be sued like one.”
Life is unpredictable, and as much as you plan, there’s always something around the bend that never crosses your worried mind. If the unexpected occurs, do you have enough liability limits to protect your and your family’s assets the way you want? If you were found liable for an accident, would your current liability limits cover the judgment against you, or could your assets be at risk? With a Personal Umbrella policy from Farmers, you’ll have additional liability limits over and above those provided by your underlying policies*. Your assets, as well as your future earnings, are covered.
To get a better sense of what Umbrella insurance is and how it would work, it helps to think about it in action.
Say you’re held liable for causing a car accident with multiple vehicles, and the cost to cover the damages and injuries is $650,000. However, the liability limits on your Auto policy are only $500,000.
In this case, your insurance would pay only $500,000 for the entire accident, and you would be responsible for the remaining $150,000 out of your pocket!
With a Personal Umbrella policy, however, you could extend your liability limits beyond the maximum provided by your underlying policies. In this case, an Umbrella policy would provide liability limits above the $500,000 limit of your Auto policy, up to the limit you choose for your Umbrella policy (typically anywhere from $1 million up to $5 million in coverage). In other words, you wouldn’t be left paying the remaining $150,000.
Other Benefits
Besides providing increased liability limits, a Personal Umbrella policy can fill gaps in your coverage with added benefits, such as:
Coverage for claims that may not be covered by your underlying Homeowners, Auto, or Watercraft liability policies, such as libel, slander, or defamation of character.
Coverage anywhere in the world.
Coverage for defense costs and attorney fees associated with claims against you that are covered by your Personal Umbrella policy, but not by your primary policies.
For more information, or to get a quote give us a call at 330-339-3431, or fill out the form below.