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About Umbrella Insurance
Umbrella insurance coverage is often overlooked, but it can provide you with substantial savings and protection against litigation. Although it is generally bought as a stand alone policy rather than endorsed onto another policy, it is designed to work with your existing insurance. Umbrella insurance offers you liability insurance above and beyond the limits that exist on your regular home, auto, commercial, or recreational vehicle policies.
Umbrella insurance is broadly available. You can find it offered by mainline insurance carriers as well as by specialty insurance providers. Some types of Umbrella insurance are specific to certain professions, while others are regionally bound, but a number of choices are available in nearly every category.
The main benefit of Umbrella insurance lies in its cost benefit proposition. Premiums on Umbrella insurance are relatively low, though the coverage limits against litigation are often very high. This is made possible through the risk profile that backs more Umbrella insurance policies—few people really are involved in litigation, though the individual costs can be high.
Information Needed For An Umbrella Insurance Quote
Getting good Umbrella insurance coverage involves a somewhat length insurance quotation process. You may feel that the insurance agent is asking a lot of questions about you and your possessions. However, remember that Umbrella insurance is designed to protect you against all possible liability claims against your person or your property. As such, it is important to be sure that everything is listed on the policy to ensure seamless insurance coverage.
For individuals listed on the policy, you will need to provide the quoting agent with their name, age, date of birth, occupation, and marital status. Your Umbrella policy can include your whole family as well as dependents. Just be sure to have that information handy to save time.
For vehicles, you will need the make, model, year, and accident history. You will also need the driver’s license information and accident history for all named drivers on the vehicle. This should include recreational vehicles, boats, and commercial vehicles.
For your home, you will need the age, dimensions, and valuation of the property. You will also need to include the claims history on the property. Any special customizations, valuables stored on site, or outbuildings should also be included.
For your farm or personal business, you will need to describe the nature of the business and provide a schedule of business equipment. Locations to be insured, online and offline, should also be itemized.
It will also be necessary to have all your existing insurance policies handy. Since Umbrella insurance is designed to work with your existing coverage, those policies will be needed for reference. From there, you can calculate how much Umbrella coverage you need as supplementation to the policies you already own.
Since it is so detailed, the initial quotation process can take some time. Be prepared to spend some time entering and discussing your data. In this way you can be sure that you get a solid quote for your true risk profile.
Common Umbrella Insurance Policy Features
Umbrella insurance policies have one defining feature, which is their liability coverage. The lower limit on Umbrella policies in generally $1 million, with upper limits rather unlimited. Most individuals opt for coverage between $1 million and $5 million, with business owners and farm managers working with their agents to determine the best upper limit on coverage for their specific industry and region.
Umbrella Insurance Discounts Available
Discounts on Umbrella insurance plans are available. In general, these discounts are tied to multi-line policy discounts. Thus, if you are looking for premium breaks and other discounts, be sure to request Umbrella insurance quotes from your existing insurance carriers first.
Umbrella Insurance Exclusions To Note
Like most other insurance policies, Umbrella insurance plans will not provide you with liability coverage if you were committing a crime at the time the liability was incurred. There may also be certain professional practice exclusion specific to your work, which you should discuss with your insurance agent at the time you bind coverage. Otherwise, Umbrella insurance is a broad coverage program, insuring you against slander, invasion of privacy, false arrest, and many other categories excluded from traditional insurance plans.
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