Umbrella Insurance Explained

What is umbrella insurance?

Umbrella insurance is extra insurance that provides protection beyond existing limits of homeowners, auto and watercraft insurance policies. Can cover injuries, property damage, some lawsuits and personal liability in certain situations.

Who needs umbrella insurance?

Those who own expensive property, have significant savings, own dangerous things that can cause injury and/or engage in activities that increase chances of lawsuit such as:

1.     Being a landlord

2.     Coaching kids’ sports

3.     Volunteering

4.     Participating in sports that can injure others (skiing, surfing, hunting, ect.)

Factors that affect the cost of umbrella insurance:

1.     The number and types of vehicles you own

2.     How many homes you own

3.     Location

4.     How much coverage you want