Personal Umbrella
What is Personal Umbrella Insurance?
Personal umbrella insurance is a type of liability coverage designed to provide extra financial protection beyond the limits of your standard home, auto, or renters policies. It acts as a safety net, stepping in when your existing policies reach their payout limits — protecting your assets, savings, and future income from costly lawsuits or claims.
This type of policy is especially valuable for individuals and families who want broader liability protection against unexpected events, such as accidents on their property, serious auto collisions, or lawsuits arising from defamation or negligence claims. Unlike standard policies that cap coverage, umbrella insurance adds an additional layer of security when damages exceed primary limits.
Personal umbrella policies are typically sold in increments of one million dollars and can extend coverage up to several million, depending on your needs. The cost of a policy varies based on your coverage amount, risk profile, lifestyle, and claims history, but it is often more affordable than expected considering the high level of protection it provides.
To qualify for personal umbrella insurance, you must maintain a minimum amount of liability coverage on your underlying policies, such as auto or homeowners insurance. Insurers may also require you to meet certain eligibility criteria, like having a clean driving record and no significant past claims.
In summary, personal umbrella insurance is an essential safeguard against life’s unpredictable risks, offering peace of mind and financial security. By providing extended coverage beyond your primary policies, it helps protect everything you’ve worked hard for — ensuring that a single accident or lawsuit doesn’t jeopardize your financial future.
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faqs
Frequently Asked Questions
Please contact us if you cannot find an answer to your question.
What is a deductible?
A deductible is an amount that you're responsible for in the event of a loss. This is the amount you pay out-of-pocket, and insurance covers the remainder.
How can I make sure that I have coverage for my valuables?
When speaking with your agent to set up your policy, any valuables (jewelry, art, family collectibles), our agent can review your policy and recommend changes to ensure your valuables have proper coverage.
Do I need to get a new appraisal to renew or change my coverage?
No. You do not need a new home appraisal during the renewal or coverage change process.
Can I keep my carrier?
Yes, In most cases you can keep your carrier, but have The Bedford Group Inc. manage your policy. This is done by transferring you policy.
