An Introduction to Personal Umbrella Insurance
We all want to make sure that our families, homes, and possessions are safe and secure. But what happens when something unexpected happens? What if you get sued for damages or losses caused by an accident you were involved in? That’s where Personal Umbrella Insurance—also known as Excess Liability insurance— comes in. Let’s take a look at why having umbrella insurance is so important.
What is Personal Umbrella Insurance?
Excess Liability insurance is an additional layer of coverage that provides you with additional protection against personal injury claims, property damage claims, and catastrophic losses. When your primary liability coverages have been exhausted, umbrella insurance kicks in to provide extra coverage. This means that if you are sued for more than the limits of your primary insurance policies, your umbrella policy will pay the difference up to the limit of your excess policy.
Benefits of Having Personal Umbrella Insurance
Having this kinds of coverage gives you peace of mind knowing that if something unexpected happens, you will be covered. It can also provide coverage for damages and losses not covered by other standard policies such as libel or slander suits, false arrest or detention suits, malicious prosecution suits, and invasion of privacy suits. Plus, it can offer coverage for rental properties you own as well as rental cars you drive when traveling outside the US.
How Much Does it Cost?
The cost of it can vary depending on a number of factors including the amount of coverage desired and any discounts available from your insurer. Generally speaking though, most policies start at around $150 per year for $1 million worth of coverage and increase with each additional million up to $5 million worth of coverage. Hotaling might be able to give you an even better deal.
Our Personal Umbrella Insurance Services
Hotaling Insurance Services’ Personal Umbrella Insurance is an essential element of any comprehensive risk management plan that offers protection against potential legal costs resulting from a lawsuit or other catastrophic events. It provides an extra layer of security beyond what your primary liability coverages provide so that you know you’re covered in case anything unexpected comes up. Whether it’s protecting yourself from a lawsuit or saving money on rental car coverage while traveling abroad – having Excess Liability is a must!