Do You Need Umbrella Insurance?

Written by on 3/4/2014 4:20 PM . It has 0 Comments.

Umbrella Insurance Orange CountyIt’s an unfortunate fact that accidents happen — and it’s not uncommon for jury awards and out-of court settlements to run into the millions.

While it’s difficult to pinpoint the monetary consequences of the risks you and your family take each day, are you certain your current liability insurance offers you enough protection?

Fortunately, there's an easy and affordable way to ensure you have the protection you need should an unexpected accident occur.

For example, what if:

  • Your teenager runs a stop sign, causing a serious accident?
  • A deliveryman falls on your sidewalk and is seriously injured?
  • A babysitter is injured by your otherwise friendly dog?

If you are found to be legally responsible for injuring someone or damaging their property, without a personal umbrella liability insurance policy, anything beyond the limits of your standard liability insurance coverage will come out of your own pocket. Standard liability insurance generally includes homeowners, renters, auto and watercraft policies.

Like an umbrella that protects you from the rain, a personal Umbrella Liability policy provides an extra layer of insurance coverage over your standard liability policies. It protects your personal assets by kicking in when your standard liability coverage is exhausted.

How Much Coverage Do You Need?

You’ll want to take into consideration not only your total personal assets but also your potential personal risks.  For example, does your profession or location of your home make you an easy target for a big settlement? Do you have a teenage driver?  Do you have a pool in your backyard?  Determine your personal risks to evaluate the amount of additional liability coverage that makes the most sense for you.

How Much Does Coverage Cost?

Additional liability insurance is inexpensive when compared to the added coverage you gain.  Depending on the policy value and your personal risk factors, a $1 million umbrella policy typically costs about $300 annually. Costs go up an additional $150 - $200 for each million thereafter.

Don’t wait for a rainy day to find out you need the additional protection a personal Umbrella Liability policy can provide.  Call our offices today or fill out the quick quote form below to discuss your unique needs and learn about all of your umbrella insurance options.

Mission Viejo Office: (949)582-5220 Tustin Office: (714)505-5310


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