Personal Umbrella Insurance

Protect Yourself And Your Family In The Event Of A Lawsuit;
Prepare Now To Protect Your Tomorrow

How far will your current insurance coverage take you? Do you know your current insurance limits? Personal Umbrella Insurance is extra insurance protection for the unforeseen events in life.

Say you're at fault in an auto accident that causes serious injuries to the driver and/or passenger(s) in the car you hit. Your auto insurance has liability insurance limits of $100,000 per person and $300,000 per accident. How far do you think $100,000 will go, particularly if the persons involved suffer injuries that keep them from working for months, or years? The accident victims could sue you for medical bills, lost income, even pain and suffering. In this scenario, $100,000 is not nearly enough coverage.

If you are then hit with a judgment for $250,000 in the case of one person involved in the accident. Your auto liability insurance will cover the first $100,000 -- and then you are left to fund with the rest. This does not include the legal fees you have to pay to your attorney; in some cases you might have to pay all or part of the legal fees the other party or parties incur.

If you don't have a combination of insurance and cash on hand to pay the judgment, the court can order liquidation of your assets (including your family's home!) In the state of Florida, if you still owe money after these resources are exhausted, the court can order you to pay a percentage of your future earnings, called wage garnishment.

Umbrella Liability Insurance is used to protect you for these very rainy days!. While it may seem unnecessary, it is NOT just for people with homes and other significant assets to protect. Do you really want to hand over your home, savings, future earnings or other assets to someone you injure in an auto accident? Being hit with a judgement from an accident while driving in your car or when someone is in your home is more of a reality today than ever before!

Excess Liability Insurance: Invaluable Protection For Pennies A Day

Because it is designed for those very rare rainy days, Umbrella Insurance is cheap. It is also versatile. This coverage provides additional liability coverage not only for your auto policy, but also your homeowners or renters policy and even other owned properties or land.

If you have "toys" such as boats, motorcycles, ATVs, snowmobiles or a motor home, your Umbrella Liability Insurance can be designed to provide additional liability protection for these possessions as well.

You can usually buy umbrella policies with $1 million limits for $250 to $400 per year, depending on the number of cars, homes, "toys" and young drivers in the household. If you need more than $1 million limits, you can usually buy each extra $1 million of coverage for $100 to $200. Think about this; for only a few hundred dollars, you can increase your per-person liability limits 5 times, 10 times, or more -- and it applies to your auto, homeowners or renters, and "toys" as well.

Please Note: Excess Liability Insurance doesn't cover everything. For example, if you are sued and the court assesses punitive damages against you, those damages won't be paid by your policy. What are punitive damages? They are damages awarded to someone in order to punish the person being sued. Punitive damages are awarded for outrageous, totally reckless conduct -- at least what a judge or jury perceives to be outrageous, totally reckless conduct.

How Does Umbrella Coverage work?

Umbrella Liability Insurance actually "sits" on top of your auto, homeowners, renters, or other policies with liability coverage. Say you have a per-person liability limit of $250,000 on your auto policy. Say also that you cause an accident in which a driver or passenger in the other car is ultimately awarded $450,000 for their injuries and loss of income.

Your auto policy will pay the first $250,000, and your umbrella will kick in the remaining $200,000.

Because umbrellas provide coverage over the top of the auto, homeowners or renters liability limits, some insurers offering personal umbrella policies require you to have your auto and homeowners policies with these companies as well. At Harbor Insurance, we are an independent agency so we are able to provide a personal umbrella policy in conjunction with your home and/or auto policy or a stand-alone personal umbrella policy. In the case where personal Excess Liability Insurance is not available from your auto and/or home insurance carrier, the stand-alone umbrella policy would be offered. Either umbrella policy option gives you valuable insurance protections over and above your homeowners, automobile and other underlying policies.

Most insurers offering umbrella coverage require you to have liability limits of a certain amount on your auto and homeowners policies. Typically, this minimum is $300,000 or $500,000 for homeowners and $250,000 per-person/$500,000 per accident for auto. The cost for increasing your underlying policies to these limits is minimal and proves valuable time and again.

Our licensed agents will be happy to assist you in reviewing your options and finding the best combination of coverage and value for your budget and your family's needs. Protect your family and your future with the right personal insurance and include personal umbrella coverage to help keep you family secure - today, tomorrow and down the road.