Ready to save on your Umbrella policy?
Increased protection. Minimal cost.
Ever had a bad day? What about a really, really bad day? Standard insurance coverage will most likely be able to handle your average bad day, but when you get into “really, really” territory, the consequences and claims could go well beyond the limits of your policy.
Adding extra padding to your current policy could be a financial life-saver and worth the cost. Let us walk you through your top (PUP) personal umbrella policy options to make sure you have the proper coverage to tackle those hard-hitting claims.
Simply put, a personal umbrella policy or a PUP is an extension of your liability insurance. It helps broaden and increase your protection. This can include significantly upping your coverage limit to relieve the financial strain of medical bills and legal fees in the event of an extremely costly accident.
What does Umbrella insurance cover?
Umbrella insurance protects you in liability situations where your home, auto or boat policies come up short. The extra coverage protects you in two ways—and here they are:
- Increases the dollar limit of liability coverage for primary policies: Say your auto insurance liability coverage limit is $300,000. If you purchase an umbrella policy of $1 million and cause an accident that exceeds your $300,000 auto insurance liability limit, your umbrella insurance can cover the remainder, up to a total of $1.3 million. That’s pretty huge.
- Covers claims excluded by primary policies: Most liability policies don’t cover damage claims resulting from false arrest, libel, slander or defamation of character. Should one of these nightmare situations occur, your umbrella policy can help you tackle the financial burden. Another huge bonus.
What is an example of an Umbrella claim?
- Car accidents: Even if you keep those hands at 10 and 2 and almost always use your blinker, you could cause a serious accident that includes hospitalization. In this case, your umbrella policy kicks in once the $300,000 liability coverage limit on your auto policy is reached.
- Dog bites: Your little Yorkie-poo hurdles your fence and attacks a neighbor, resulting in extensive medical costs. In this case, your umbrella policy covers the excess costs of hospitalization, care and rehabilitation after your homeowners liability coverage is maxed out.
- Trampolines: Your kid’s friends are doing acrobatic flips, kicks and tucks on the trampoline in your yard and one of them makes a nasty landing, getting seriously injured. In this case, your umbrella liability handles the cost after your homeowners or renters’ liability limits are hit.
Why should I buy Umbrella coverage?
Umbrella insurance is surprisingly inexpensive, especially considering everything it can do. It would be a shame to get stuck with massive bills if the unexpected strikes, when it could have all been covered at a fraction of the cost.
Liability incidents come in all shapes and sizes, so being ready for everything from the itty to the not so bitty is key for your financial future.