Call Us 888-423-2488 ☰ ˟
Logo
Call Us 888-423-2488
  • Home
    • About UsImage of right arrow
      • About Us
      • Our Locations
    • Personal ProductsImage of right arrow
      • Home & Auto Insurance
      • Auto InsuranceImage of right arrow
        • Liability Coverage
        • Comprehensive Coverage
        • Collision Coverage
        • Uninsured & Underinsured Motorist Coverage
        • Accident Forgiveness
        • Minor Violation Forgiveness
        • Roadside Assistance
        • Specialty Auto Insurance
        • 24-Hour Customer Service
        • Towing
        • Rental Reimbursement
        • Personal Injury Protection (PIP)
        • Mexican Auto Insurance
        • Medical Payments Coverage
      • Home InsuranceImage of right arrow
        • Property Insurance
        • Homeowners Liability
        • Renters Insurance
        • Condo Insurance
        • Mobile Home Insurance
        • Scheduled Property Insurance
        • Landlords Insurance
        • In-Home Business Insurance
      • Other Personal InsuranceImage of right arrow
        • Identity Theft
        • Personal Umbrella Insurance
        • Data Backup
      • Farm InsuranceImage of right arrow
        • Crop Insurance
        • Farm Owners Insurance
        • Farm Livestock Insurance
        • Equine Insurance
        • Farm Equipment Insurance
        • Farm Dwelling Insurance
        • Farm Structures Insurance
        • Farm Auto Insurance
        • Farm Umbrella Insurance
        • Farm Liability Insurance
      • Life InsuranceImage of right arrow
        • Individual Life Insurance
        • Group Life Insurance
        • Long-Term Care Insurance
        • Mortgage Protection Insurance
        • Disability Insurance
        • Second-To-Die Policy
        • Key Person (Key Men) Insurance
      • Health InsuranceImage of right arrow
        • Individual & Family Health Insurance
        • Group Health Insurance
        • Dental Coverage
        • Vision Coverage
        • Long-Term Care Insurance
        • Temporary Health Insurance
        • Supplemental Insurance
        • Disability Insurance
        • Medical Expense Insurance
        • Child Health Insurance
        • Travel Health Insurance
        • Prescription Insurance
        • HSAs
      • Recreational Vehicle InsuranceImage of right arrow
        • Boat Insurance
        • Motorcycle Insurance
        • Motorhome Insurance
        • ATV Insurance
        • Snowmobile Insurance
      • Additional Insurance ServicesImage of right arrow
        • Special Event Insurance
        • Other Services
        • Wedding Insurance and Special Event Insurance
    • Commercial ProductsImage of right arrow
      • Coverage for Specific IndustriesImage of right arrow
        • Accounting Firm Insurance
        • Alarm Contractors Insurance
        • Insurance for Arborists
        • Bar Insurance
        • Box Truck Insurance
        • Builders Risk Insurance
        • Car Dealership Insurance
        • Cargo Insurance and Freight Insurance
        • Catering Insurance
        • Cleaning Business Insurance
        • Construction Insurance
        • Consulting Firm Insurance
        • Contractors Insurance
        • Specialty Trade Contractors Insurance
        • Craft Brewery Insurance
        • Dental Practice Insurance
        • Dump Truck Insurance
        • Educational Facility Insurance
        • Financial Institution Insurance
        • Food Truck Insurance
        • Fleet Insurance
        • Handyman Insurance
        • Garage Insurance
        • Healthcare Facility Insurance
        • Healthcare Practice Insurance
        • Law Firm Insurance
        • Life Science Insurance
        • Limousine Services Insurance
        • Liquor Liability Insurance
        • Livestock Insurance
        • Maintenance Contractors Insurance
        • Manufacturing Insurance
        • Maritime Employers Insurance
        • Media & Advertising Insurance
        • Medical Malpractice Insurance
        • Minibus Insurance
        • Non Profit Insurance
        • Nursing Home Insurance
        • Nursing Insurance
        • Orthotics & Prosthetics Insurance
        • Personal Trainer Insurance
        • Pharmacist Insurance
        • Pool & Spa Insurance
        • Printers & Publishers Insurance
        • Railroad Contractors Insurance
        • Real Estate Businesses Insurance
        • Restaurant Insurance
        • Retail Insurance
        • School Bus Contractors Insurance
        • Scrap Metal Insurance
        • Security Guards Insurance
        • Self-Storage Insurance
        • Septic Contractors Insurance
        • Snow Plow Insurance
        • Specialized Truck Equipment Insurance
        • Technology Services Insurance
        • Tractor Insurance
        • Tow Trucks Insurance
        • Uber Insurance
        • Water Well Drillers Insurance
        • Veterinary Insurance
      • Coverage for Your BusinessImage of right arrow
        • Bonds
        • Business Catastrophe Insurance
        • Business Owners Policy (BOP)
        • Commercial Auto Insurance
        • Commercial General Liability
        • Commercial Property Insurance
        • Commercial Real Estate Insurance
        • Commercial Umbrella Insurance
        • Crime Insurance
        • Cyber Liability Insurance
        • Equipment Insurance
        • Errors and Omissions Insurance
        • Extortion Insurance
        • Fidelity Bonds
        • Leave Management
        • Loss Control Insurance
        • Inland Marine Insurance
        • Kidnapping Insurance
        • Marine Insurance
        • Mechanical Breakdown Insurance
        • Office Insurance
        • Product Liability Insurance
        • Professional Liability
        • Ransom Insurance
        • Shipping Insurance
        • Small Business Insurance
        • Small Business Liability Insurance
        • Storage Insurance
        • Surety Bonds
        • Technology Insurance
        • Trailer Insurance
        • Transportation Insurance
        • Trucking Insurance and Semi Truck Insurance
        • Workers Compensation
        • Van Insurance
      • Coverage for Your EmployeesImage of right arrow
        • Small Business Retirement Plans
        • Employer-Sponsored Retirement
        • Group Benefits
        • Group Disability Insurance
        • Voluntary Benefits
        • Retiree Health Coverage
        • Group Health Insurance
        • Disability Insurance
        • Individual Life Insurance
    • Get A Quote
    • Agency Partners
    • Contact UsImage of right arrow
      • Home Office
      • Kentucky Office
    • BlogImage of right arrow
      • Tips to Stay Safe This Summer
      • Tips to Handle Stress
    • Client Portal
    • My Wave Portal
  • Products
    • Home & Auto Insurance
    • Auto InsuranceImage of right arrow
      • Liability Coverage
      • Comprehensive Coverage
      • Collision Coverage
      • Uninsured & Underinsured Motorist Coverage
      • Accident Forgiveness
      • Minor Violation Forgiveness
      • Roadside Assistance
      • Specialty Auto Insurance
      • 24-Hour Customer Service
      • Towing
      • Rental Reimbursement
      • Personal Injury Protection (PIP)
      • Mexican Auto Insurance
      • Medical Payments Coverage
    • Home InsuranceImage of right arrow
      • Property Insurance
      • Homeowners Liability
      • Renters Insurance
      • Condo Insurance
      • Mobile Home Insurance
      • Scheduled Property Insurance
      • Landlords Insurance
      • In-Home Business Insurance
    • Other Personal InsuranceImage of right arrow
      • Identity Theft
      • Personal Umbrella Insurance
      • Data Backup
    • Farm InsuranceImage of right arrow
      • Crop Insurance
      • Farm Owners Insurance
      • Farm Livestock Insurance
      • Equine Insurance
      • Farm Equipment Insurance
      • Farm Dwelling Insurance
      • Farm Structures Insurance
      • Farm Auto Insurance
      • Farm Umbrella Insurance
      • Farm Liability Insurance
    • Life InsuranceImage of right arrow
      • Individual Life Insurance
      • Group Life Insurance
      • Long-Term Care Insurance
      • Mortgage Protection Insurance
      • Disability Insurance
      • Second-To-Die Policy
      • Key Person (Key Men) Insurance
    • Health InsuranceImage of right arrow
      • Individual & Family Health Insurance
      • Group Health Insurance
      • Dental Coverage
      • Vision Coverage
      • Long-Term Care Insurance
      • Temporary Health Insurance
      • Supplemental Insurance
      • Disability Insurance
      • Medical Expense Insurance
      • Child Health Insurance
      • Travel Health Insurance
      • Prescription Insurance
      • HSAs
    • Recreational Vehicle InsuranceImage of right arrow
      • Boat Insurance
      • Motorcycle Insurance
      • Motorhome Insurance
      • ATV Insurance
      • Snowmobile Insurance
    • Additional Insurance ServicesImage of right arrow
      • Special Event Insurance
      • Other Services
      • Wedding Insurance and Special Event Insurance
    • Coverage for Specific IndustriesImage of right arrow
      • Accounting Firm Insurance
      • Alarm Contractors Insurance
      • Insurance for Arborists
      • Bar Insurance
      • Box Truck Insurance
      • Builders Risk Insurance
      • Car Dealership Insurance
      • Cargo Insurance and Freight Insurance
      • Catering Insurance
      • Cleaning Business Insurance
      • Construction Insurance
      • Consulting Firm Insurance
      • Contractors Insurance
      • Specialty Trade Contractors Insurance
      • Craft Brewery Insurance
      • Dental Practice Insurance
      • Dump Truck Insurance
      • Educational Facility Insurance
      • Financial Institution Insurance
      • Food Truck Insurance
      • Fleet Insurance
      • Handyman Insurance
      • Garage Insurance
      • Healthcare Facility Insurance
      • Healthcare Practice Insurance
      • Law Firm Insurance
      • Life Science Insurance
      • Limousine Services Insurance
      • Liquor Liability Insurance
      • Livestock Insurance
      • Maintenance Contractors Insurance
      • Manufacturing Insurance
      • Maritime Employers Insurance
      • Media & Advertising Insurance
      • Medical Malpractice Insurance
      • Minibus Insurance
      • Non Profit Insurance
      • Nursing Home Insurance
      • Nursing Insurance
      • Orthotics & Prosthetics Insurance
      • Personal Trainer Insurance
      • Pharmacist Insurance
      • Pool & Spa Insurance
      • Printers & Publishers Insurance
      • Railroad Contractors Insurance
      • Real Estate Businesses Insurance
      • Restaurant Insurance
      • Retail Insurance
      • School Bus Contractors Insurance
      • Scrap Metal Insurance
      • Security Guards Insurance
      • Self-Storage Insurance
      • Septic Contractors Insurance
      • Snow Plow Insurance
      • Specialized Truck Equipment Insurance
      • Technology Services Insurance
      • Tractor Insurance
      • Tow Trucks Insurance
      • Uber Insurance
      • Water Well Drillers Insurance
      • Veterinary Insurance
    • Coverage for Your BusinessImage of right arrow
      • Bonds
      • Business Catastrophe Insurance
      • Business Owners Policy (BOP)
      • Commercial Auto Insurance
      • Commercial General Liability
      • Commercial Property Insurance
      • Commercial Real Estate Insurance
      • Commercial Umbrella Insurance
      • Crime Insurance
      • Cyber Liability Insurance
      • Equipment Insurance
      • Errors and Omissions Insurance
      • Extortion Insurance
      • Fidelity Bonds
      • Leave Management
      • Loss Control Insurance
      • Inland Marine Insurance
      • Kidnapping Insurance
      • Marine Insurance
      • Mechanical Breakdown Insurance
      • Office Insurance
      • Product Liability Insurance
      • Professional Liability
      • Ransom Insurance
      • Shipping Insurance
      • Small Business Insurance
      • Small Business Liability Insurance
      • Storage Insurance
      • Surety Bonds
      • Technology Insurance
      • Trailer Insurance
      • Transportation Insurance
      • Trucking Insurance and Semi Truck Insurance
      • Workers Compensation
      • Van Insurance
    • Coverage for Your EmployeesImage of right arrow
      • Small Business Retirement Plans
      • Employer-Sponsored Retirement
      • Group Benefits
      • Group Disability Insurance
      • Voluntary Benefits
      • Retiree Health Coverage
      • Group Health Insurance
      • Disability Insurance
      • Individual Life Insurance
  • Get A Quote
    • Auto Insurance Quote
    • Business & CommercialImage of right arrow
      • Builders Risk
      • Business Owners (BOP) Quote Form
      • Commercial Auto Insurance Quote
      • General Liability Quote Form
      • Workers Compensation Quote
    • Group Benefits Insurance Request
    • Health Insurance Quote
    • Homeowners Insurance Quote
    • Life Insurance Quote
  • Resources
    • Refer a friend
    • Blog
    • Important Links
    • Insurance Glossary
  • About Us
    • About Us
    • Our Locations
    • Careers
    • Testimonials
    • Privacy Policy
  • Contact
Auto and Home Icon

Commercial

We browse through a wide variety of coverages and find the right one for you.

Learn More
Business Icon

Group Benefits

We browse through a wide variety of coverages and find the right one for you.

Learn More
Life and Health Icon

Personal Insurance

We browse through a wide variety of coverages and find the right one for you.

Learn More
RV and Boat Icon

Life & Health

We browse through a wide variety of coverages and find the right one for you.

Learn More
Home > Blog > Personal Umbrella Insurance For Mid-Lifers - Insurance Associates
THURSDAY, JANUARY 13, 2022

Personal Umbrella Insurance For Mid-Lifers

As you grow older and your finances increase, the future is always on your mind. Having enough money for retirement and enough to leave your family is a major concern. While you’re working hard toward those goals, the last thing you want is a lawsuit or claim to destroy your savings. Your homeowners or auto insurance may cover part of your savings, but there are a lot of gaps that liability coverage leaves behind. 

What Is Personal Umbrella Insurance? 

Personal umbrella insurance fills in the gaps left over by other liability insurances. It’s an additional policy that activates when your other liability insurance coverage reaches its maximum point. For example, if a legal settlement will cost you $2 million but your homeowners insurance only covers $1 million, umbrella insurance will come in to pay the other $1 million. Due to the umbrella nature of these policies, umbrella insurance applies to homeowners, auto and personal insurance coverages. 

What Does Personal Umbrella Insurance Cover? 

Personal umbrella insurance generally covers: Man with hologram umbrella

  • Bodily or personal injury 

  • Property damage 

  • Landlord liability 

  • Lawsuits (libel, slander, etc.) 


What Does Personal Umbrella Insurance Not Cover? 

This insurance option typically doesn’t cover: 

  • Bodily injury (to you). Umbrella insurance usually won’t provide coverage if you get injured. 

  • Personal possessions damage. Your personal property won’t be covered by an umbrella policy. 

  • Business injuries. If someone is injured or property is damaged at your work, you may require professional liability insurance. 

  • Intentional damage or injury. If you cause intentional damage or injury — or commit illegal acts —umbrella insurance typically won’t cover you. 


Who Really Needs A Personal Umbrella Policy? 

Personal umbrella insurance can be useful for people in the middle or upper middle class financially. Although assets of these policyholders aren’t as drastic as upper-class members, any unexpected liability events will have a more adverse effect on these assets. Members of the middle and upper middle classes can’t always afford huge claims. If you’re in this group, losing all savings because of one accident can mean losing retirement income or money to be left over for your children after your passing. 

If you’re at risk of being in this precarious financial position, you should especially consider personal umbrella insurance. Also, lawyers and those with similar high-income professions present more liability risk when it comes to claims. And if you live in a neighborhood where expensive cars are commonplace, it’s important to have umbrella insurance in case of an accident goes beyond your car insurance coverage. 

How Much Does Personal Umbrella Insurance Cost? 

Personal umbrella insurance typically comes by the millions ($1-$5 million.) Luckily, this insurance is relatively cheap. With a $1 million policy, you can pay as low as $12.50-$25.00 a month. This amounts to around $150-$300 a year. However, you must already have a certain amount of homeowners or auto insurance coverage to be eligible for this coverage. 

What Affects The Cost Of Personal Umbrella Insurance? 

Many factors affect personal umbrella insurance, including: 

  • Amount of coverage. More coverage generally costs more in premiums. 

  • Net worth. Personal umbrella insurance policies should be equal to or more than your net worth. 

  • Credit history. As with most insurance, your credit history affects the cost of your personal umbrella insurance. 

  • Location. Rates for any insurance policy vary by state. The cheapest insurance policy in Texas may not be the cheapest in South Carolina. 

  • Amount of risk. Insurance companies consider the likelihood that an insured policyholder will file a claim through risk. Households that have teenagers, dogs, swimming pools, boats or any combination are seen as higher risks because injury is more likely. This may apply to your profession as well. 

  • Driving record. Personal umbrella insurance can help with costs due to a car crash. Umbrella insurance underwriters consider the driving record of each family member in the household.

Posted 3:43 PM

Tags: personal umbrella
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021
  • 2020

  • insurance(8)
  • coverage(5)
  • life insurance(3)
  • life(2)
  • premiums(2)
  • malpractice insurance(2)
  • business(2)
  • commercial(2)
  • costs(2)
  • business insurance(2)
  • liability(1)
  • general(1)
  • health insurance(1)
  • healthcare(1)
  • personal insurance(1)
  • personal umbrella(1)
  • cold(1)
  • medical(1)
  • terms(1)
  • basic(1)
  • options(1)
  • owners(1)
  • bop(1)
  • industry(1)
  • home insurance(1)
  • benefits(1)
  • malpractice(1)
  • policy(1)
  • flu(1)
  • homeowners insurance(1)
  • recreational vehicle(1)
  • medical malpractice insurance(1)
  • umbrella insurance(1)
  • health(1)

View Mobile Version

Contact Us Today!
888-423-2488

Social Social Social

Resources

  • Get A Quote
  • Customer Service
  • Payment Options
  • Report a Claim
  • About Us
  • Refer A Friend
  • Our Carriers
  • Blog
  • Contact Us

Contact Us

1061 North University Blvd.
Middletown, OH 45042

Toll-Free: 888-423-2488 | Fax: 513-425-9601 | info@insuranceassociates.net
© Copyright. All rights reserved. | Powered by Insurance Website Builder