• Coverage Corner: Do I Need a Personal Umbrella Insurance Policy?

    What is Umbrella Insurance?

    do i need a personal umbrella insurance policy

    In the event that someone is injured on your property and you are found legally responsible, you could face a costly financial burden without personal umbrella insurance coverage in place. Without this type of policy, any claim expenses beyond the limits of your standard policy are your responsibility. This applies to your homeowners, renters, automobile and watercraft insurance policies.

    Personal umbrella liability insurance provides an extra layer of protection over your personal assets for when your standard liability coverage is exhausted.

    Unfortunately, engaging in everyday activities can put you at risk for a lawsuit. In today’s litigious society, simple things like having a swimming pool or entertaining guests in your home can increase the chance that someone will get injured and sue you. To manage this risk, consider securing a personal umbrella insurance policy.

    Why is a personal umbrella liability policy important? This type of coverage plays a crucial role in filling in the gaps in your coverage, providing the following benefits:

    • When litigation ensues, it’s typically for a large amount. If you get into a car accident and injure several people, you could be sued for millions of dollars, an amount that would likely far exceed the limits of your automobile policy. You can also be held responsible if your dog bites someone, if your child injures another kid in a fight at school or if a handyman hurts himself at your home, for instance.
    • Umbrella policies cover legal fees because the insurance company assumes the risk, not you.
    • Coverage is inexpensive and easy to obtain. Just give us a call at 603-882-2766 or submit our online quote request form to obtain a quick quote.
    • You’ll have peace of mind knowing that you are covered in case of a fluke occurrence.

    How much coverage do you need? When determining how much coverage you need, work with your agent, taking into consideration your total personal assets and your potential for personal risks.

    A wide range of factors, such as whether you have hired help, if you have teen drivers at home or if you operate your business out of your home, will determine how much coverage is appropriate for you.

    What are the policy limits? A $1 million limit is typical; higher limits are available.

    Eaton & Berube Insurance: Your Risk Management Partner

    At Eaton & Berube Insurance in Nashua, NH, our agents are here to help you ensure that the things you value most remain adequately protected. To learn more about personal umbrella insurance and how much coverage is right for you, give us a call today at 603-882-2766 or submit our online quote request form to get a quick, free quote.

    © 2016 Zywave, Inc. All rights reserved. This Know Your Insurance document is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice.

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