Umbrella Insurance – An Extra Layer of Protection for You and Your Family
If you need to run some errands in the rain, you’re likely to dress for the occasion with a raincoat, long sleeves, and maybe even galoshes to keep yourself dry. All of these clothes will keep the rain away, but an umbrella will add even more protection and ensure you stay 100 percent dry.
Much like an actual umbrella, umbrella insurance provides you with even more coverage when you’ve already taken the precautions of insuring your assets. Personal insurance policies on your home, car, boat, rental, or other assets are an excellent investment but can only cover you up to a certain dollar amount. You may be personally liable for anything over that dollar amount.
For example, let’s say you have a fire in your Kennesaw home that spreads over to your neighbor’s property, causing significant damage there as well. The neighbor sues you to recover damages from the fire, and your personal insurance pays up to its claim limit. If there’s still a balance, you will have to surrender or sell personal assets to make your neighbor whole.
An umbrella policy takes over after your personal insurance limits have been reached and will cover an additional $1 million. For example, if your homeowner’s liability limit is $300,000, umbrella insurance will cover amounts between $300,001 and $1,300,000. Umbrella can also save you from paying a large retainer fee to an attorney in the event you are sued.
It may seem that an additional million dollars in coverage would require a huge premium, but this isn’t necessarily the case. If you already possess robust personal insurance plans, umbrella policies can be had for as little as $200 a year.
In order to qualify for such low premiums, D. Ward Insurance requires your personal auto liability limit to meet or exceed $500,000 and your homeowner’s liability limit must meet or exceed $300,000. If your liability limits are less than this, you will pay higher premiums for your umbrella coverage.
If umbrella insurance sounds like a sound investment for you, D. Ward Insurance would be thrilled to begin the process for you. Call us today at 770-974-0670 or click the button below to fill out a quote request form. Our experienced agents will get back to you the same business day and will continue to work with you and work for you during the whole process.
The information and claim examples given in this material are for illustrative purposes only and should not be construed to modify language of the insurance policy or in any way influence coverage analysis under the policy for any specific claim. The insurance policy contains the specific terms and conditions of coverage and supersedes any information contained in this document,. Some of the coverage mentioned in this material may not be applicable in all states or may have to be modified to conform to applicable state law. Some coverages may have been eliminated or modified since the printing of this material.