Insurance 101: What is Umbrella Insurance

An umbrella can also be called excess liability coverage. An umbrella is additional liability coverage over and above the current liability coverage you hold on your car and home. This is something used very rarely which makes it affordable for everyone. The typical umbrella is for $1,000,000 in liability coverage. We have seen this coverage for as low as $150 a year. So if you have a $500,000 liability coverage on your home you would have a total of $1,500,000 in liability coverage to help cover you if you were found liable for a loss. The cost for an umbrella is extremely low considering the coverage it provides.

You never know what can happen and if you were to be found liable for a loss of over your liability limits you could lose your assets or have to pay damages out of your own paycheck. You can never possibly be covered for every potential loss but having an Umbrella would greatly increase your chances of being able to protect your assets in the event of a lawsuit.

With all the new technology in cars these days it can be overwhelming and individuals may not be as focused as they need to be while driving. Things happen….. Doesn’t the low cost of an umbrella seem worth it?

*The statements above are for reference and are written by a licensed insurance agent as a quick reference guide to make understanding insurance easier. If you have questions please don’t hesitate to reach out to any one of our licensed agents here at Corwin or refer to your policy documents.