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Personal Umbrella

What is a Personal Umbrella Policy?

A personal umbrella policy substantially increases your overall liability coverage beyond the basic liability coverages provided by your home and car insurance policies. Personal umbrella coverage limits range from one million to five million and higher limits are available. We do provide higher limits upon client request. This policy is designed to protect you and your family against a catastrophic lawsuit or judgement.

How does it work?

You maintain your home insurance and car insurance policies with a required limit of liability. Your personal umbrella policy limits are then excess over these limits and in some cases your personal umbrella limits do become the first paid in some judgments.

You have worked hard to build your assets. What would happen if these events happened to you?

  • Client reaches down to get cell phone and accidentally runs over the median and hits another vehicle head on. The damages awarded to the other driver total over $500,000. Client's personal umbrella responds to this.
  • Client rents jet skis while on vacation and accidentally runs over a swimmer. The swimmer suffers a debilitating injury and is awarded a $750,000 settlement. Client's personal umbrella responds to this.

Do you really need this?

Yes, we think so.

Some individuals believe that they don't have "enough assets" or that the protection of The Homestead Act takes care of protecting their home asset.

We recommend that our clients ask themselves the following questions:

  • Once your car or home liability limits are exhausted, how will you afford expensive legal fees to defend your liability case?
  • If you are found legally liable for an act and a judgement is rendered against you, what assets will you utilize to satisfy any judgements?
  • Did you know that future wages may be garnished as part of a liability award?

DO you really need a Personal Umbrella Policy? YES, we think so!

How much does a personal umbrella policy cost?

The pricing for this varies depending on your family's driving record and the number of homes, cars, and other owned recreational vehicles. For excellent drivers with two cars and one home the pricing starts at $175 per year. That is less than 50 cents a day!

Click here to see our Personal Umbrella Needs Form

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