Personal Insurance Lines: Personal Umbrella Liability Insurance
If you’re hit with any kind of disaster or lawsuit, you need to know that you have the right insurance products and professional support working to protect you and your family.
Your home, savings, investments and college funds could all be at risk from legal liability claims unless you purchase the right level of coverage.
O’Kane & Tegay is there for you and your family, helping you to protect the life you’ve worked hard to establish. We recommend personal umbrella insurance to those needing additional coverage that will extend above and beyond their current auto and homeowner’s policies.
Why Personal Umbrella Liability Insurance is Important
Personal Umbrella Insurance is a form of personal liability insurance. An umbrella policy covers you beyond the liability limits of your current homeowner, auto, watercraft or other vehicle policies.
It begins where your current liability coverage stops, protecting you up to the limits of that added coverage.
That added bit of security gives you peace of mind that your assets are well protected, even in the event of an otherwise catastrophic loss or lawsuit.
Coverage is generally issued in a range between $1 to $5 million dollars, in $1 million dollar increments, for personal losses only.
This can cover situations such as:
- Personal injury – Protecting you if someone files a claim of slander, libel, defamation of character or other alleged wrongdoings against you
- International coverage – Protecting you in the event of accidents or mishaps that occur while you’re out of the country
- Vacation rental liability – Protecting use of personal watercraft, jet skis, boats and other rental property or equipment you may own
- Legal defense – To handle the costs of attorney and other legal fees in the event of a legal proceeding
Added Protection for Peace of Mind
You may feel that a policy limit of $700,000 is sufficient coverage, however if you’re sued for $1 million after an accident involving your home or vehicle, you’re responsible for the remaining $300,000 if ordered to pay it.
Unless you had the foresight to get personal umbrella insurance, this amount would be paid out of pocket.
An umbrella policy keeps you from paying claims that go beyond the liability limits of your current vehicle or homeowner’s policy. Personal umbrella coverage means that your home and assets are safe and secure, even in the event of an otherwise damaging, high-stakes claim or lawsuit.
Personal Umbrella: Minimal Cost for Maximum Coverage
Personal umbrella coverage does not need to be an expensive venture. The average cost of $1 million in coverage is usually less than $200 per year—not much to pay for the additional peace of mind it brings.
Though you may not realize the need for personal umbrella insurance, increasing numbers of people are finding it necessary to protect their current assets and future earnings.
If you drive a motor vehicle or own a home or condominium, you’re vulnerable to legal action and large judgments. If you have an ATV, RV, boat or motorcycle, extra protection is even more vital.
Coverage may also be important if you:
- Have young adult or teen drivers in the family
- Enjoy active sports such as horseback riding, rock or mountain climbing, hang gliding, snow or water skiing, cycling, motorcycling, or any kind of racing
- Own or operate watercraft, off-road or recreational vehicles
- Own a swimming pool, trampoline, horse or hot tub
- Own rental property
If your current home and auto insurance policies don’t cover these situations, both your current assets and future earnings are at risk. They could all be seized in the event of even one significant lawsuit.
Learn more about your personal umbrella insurance options.
Call now to speak with one of the friendly agents in our San Francisco office, at 415-242-8777 (Mon-Fri, 8:00 am to 4:00 pm).
We’ll review your current coverage for free, discuss your current risks and search for the best insurance products to fit your personal needs.