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What is an Umbrella Insurance Policy?

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What is an Umbrella Insurance Policy?

What is an umbrella insurance policy and is it right for me? An umbrella insurance policy protects your assets against lawsuits for injuries you may cause another person as a result of your negligence.  Typically, the umbrella takes over where your other insurance leaves off.  For example of you have a 100, 300 BI (bodily injury limits) of your automobile policy, your umbrella will take over after your 100 is over. So if you get involved in an accident, and you have a judgment again you for $800,000, your primary auto insurance would cover the first $100,000. If you have a million dollar umbrella, it would start covering anything over the $100,000 up to the limits of the policy. In this case, one million dollars. So, you would have a million dollars worth of coverage: $100,000 from your primary policy and then another $900,000 on top of that from your umbrella policy.

Most people say, “I can’t afford and umbrella policy”. You would be surprised.  In most states in the county, you can purchase a million dollar umbrella policy for less than $400 a year.  But what does that cover you for? Generally, it will cover you for any damage/ bodily injury you cause another person through your negligence. Sometimes, your umbrella policy will cover any addition auto damage you may cause. Additionally, it may cover your property. For example, if someone is injured on your property through your negligence, it will take over where your homeowners’ insurance leaves off. 

So, when evaluating your assets and your insurance needs, talk to your insurance agent about umbrella policies. It may be more affordable than you think.

The personal injury attorneys at Carlson, Meissner, Hart & Hayslett, P.A., fighting for our clients rights in personal injury cases in ClearwaterTampaBradentonSpring Hill, Pinellas, Pasco, New Port Richey, Manatee, Hillsborough and Hernando Counties in Florida. 

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