Personal Umbrella Insurance in Middletown OH & Cincinnati OH

 

In a worst-case scenario, your home and auto insurance might not be enough to protect you from costly losses. If a claim or judgment exceeds the liability limits set by your existing policies, your personal assets could be at risk. Personal umbrella insurance provides an additional layer of coverage on top of your other policies to protect you and your family from financial hardship.

We’re here to help you find the protection that fits your needs. Contact Insurance Associates in Middletown, Ohio, to learn more about our personal umbrella insurance coverage.

What Is Personal Umbrella Insurance?

Personal umbrella insurance is a type of personal liability coverage that can help protect you and your family from excessive losses. These policies can help fill in coverage gaps left by your existing policies (e.g., home, watercraft, auto).

How Does Personal Umbrella Insurance Work?

If a liability claim exceeds your policy limits, your personal umbrella insurance can kick in to cover your additional expenses from covered losses. In some cases, personal umbrella insurance may even provide coverage for losses excluded from your existing policies (e.g., coverage for personal injuries to third parties).

Ask your insurance agent what is included in your personal umbrella insurance policy, or contact Insurance Associates today.

What Does Personal Umbrella Insurance Cover?

Generally, a personal umbrella insurance policy stacks on top of your other liability insurance and includes coverage for the following in accordance with your policy terms:

·       Property damage—This can cover expenses arising from necessary repairs or replacements if you or your family cause third-party property damage.

·       Legal fees—This can pay for legal bills arising from accusations that your family caused third-party property damage or injuries.

·       Personal injury—This can help pay expenses associated with allegations that you or your family caused personal injury to a third party (e.g., slander, libel).

·       Bodily injury—This can cover costs associated with third-party bodily injury (e.g., lost wages, medical bills) for which you or your family are held liable for causing.

Who Needs Personal Umbrella Insurance?

Although you aren’t required by law to purchase umbrella insurance, you may decide that the additional cost (e.g., premiums) is well worth the peace of mind. If you believe you’re at risk of being sued, you have additional liability risk factors (e.g., a teenage driver, rental properties) or your total assets (e.g., retirement account, home equity) are greater than your existing coverage limits, then a personal umbrella insurance policy could be right for you.

Contact Insurance Associates to learn more and to get a personal umbrella insurance quote today.

How Much Personal Umbrella Insurance Do I Need?

Insurance needs vary, but you may consider purchasing enough personal umbrella insurance to cover your assets. You may also want to consider the cost of potential future lost income if you have higher earnings potential than you’re currently making. Typically, personal umbrella policies have policy limits starting at $1 million, but higher coverage limits may be available.

Getting Personal Umbrella Insurance

At Insurance Associates, we understand that the right insurance can give you the peace of mind you deserve. Contact us to learn more about our personal umbrella coverage.