Umbrella Insurance FAQ's
Frequently Asked Questions for Umbrella Insurance
Do I need umbrella insurance?
The answer is probably yes. But sometimes it's easier if you can see for yourself. So, take just a moment to ask yourself these 3 basic questions:
- Do I own a home?
- Whether I rent or own my home, do I own any other significant assets?
- Have I built an investment portfolio or retirement savings account?
If you answered "yes" to any of these questions, then it is important that you protect these assets in case of an accident or lawsuit. So, ask yourself one more question. Are your assets already adequately protected?
To do quick calculation:
- Add up your assets: Home, money in the bank, stocks, bonds, available funds from a 401(k) or other retirement plans, etc.
- Add up your liability coverage: Homeowners, auto, etc.
If your liability coverage is less than your assets, you may not have enough protection. That's where an umbrella policy can help. Get a free umbrella insurance quote today and make sure you have the coverage you need.
Do I have enough umbrella insurance?
If your assets have grown, but your coverage remained the same you may need to think about raising your limits. Give us a call at (866) 272-5192 to review your policy.
What info should I have when I get an umbrella insurance quote?
In general, you should gather info about you and everyone in your household. This will include:
- Vehicle(s) that are owned, if you already have liability coverage for them, and what the coverage amount is. Vehicles covered could include motorcycles, golf carts, RVs, and watercrafts.
- Has any driver in your household had a traffic conviction within the last 5 years?
- Are you and/or your spouse the sole owners of all vehicles?
- Any other insurance policies (example, homeowners, renters, etc.) and what your liability limits are.
- If you own any additional properties and information about the homeowner or landlord policies on those homes.
- Your occupation (including whether you hold a public office).
- Another umbrella insurance.
- Liability claims.
- Civil or criminal charges.
You'll also be required to maintain minimum limits on your other insurance products to qualify for an umbrella policy.
Now that you know what to expect, start your free umbrella insurance quote.
Is there umbrella insurance for landlords?
Yes! Not sure if you would benefit from purchasing umbrella insurance? Consider these factors:
- Vacant land. Could your vacant land be used by neighborhood children to play a game of ball? If one is injured it could result in a costly lawsuit. Umbrella insurance can provide additional coverage.
- Rentals. Even though you carry an independent fire policy for each home, an umbrella policy can help protect against major lawsuits should a tenant-or tenant guest-be injured on a rental property.
Are there free resources on how to help protect myself and guests?
Here's some free resources that could help.
The above is meant as general information and as general policy descriptions to help you understand the different types of coverages. These descriptions do not refer to any specific contract of insurance and they do not modify any definitions expressly stated in any contracts of insurance. We encourage you to speak to your insurance representative and to read your policy contract to fully understand your coverages.
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