TGS Insurance » Personal Umbrella Insurance
Umbrella insurance provides coverage for when your liability coverage has reached its limit. In addition, this particular type of protection offers coverage for liability claims that may not be included in your other policies. Umbrella insurance can help cover the costs of harm to others or loss of their property. Once your liability protection has reached its maximum, that’s when umbrella insurance comes to the rescue. It will aid you with liability claims such as legal fees, medical expenses or even libel and slander.
What is Personal Umbrella Insurance?
Umbrella insurance is a type of personal liability insurance that pays once the policyholder has exhausted their basic liability limits or claim is excluded from the basic liability coverage for regular homeowners, auto or watercraft policies.
What Does a Personal Umbrella Insurance Policy Cover?
Personal umbrella insurance not only protects you, but it also provides coverage for your family members. So, if you have a teenager who causes an auto accident with multiple vehicles, your auto insurance most likely won’t cover all the damages to all the cars involved. That’s when umbrella insurance comes into effect. It helps you sleep better at night knowing that you and your family will be protected for almost anything thrown your way.
What is NOT Covered by a Personal Umbrella Policy?
Just to have a better understanding, umbrella insurance only covers liability claims that help you financially pay for injuries or damages to someone else’s property. It does not protect losses to your own personal property. Umbrella insurance also does not protect claims that your underlying policies also do not protect.
Do I Need Personal Umbrella Insurance in Texas?
No, it is not required by state law in Texas to have a personal umbrella policy. That being said, it is highly recommended that anyone with sizable assets have an umbrella policy since a potential lawsuit could come after everything.
How Much Does Personal Umbrella Insurance Cost?
Usually, umbrella insurance policies are distributed at one million increments. A $1 million policy can range from $150-$400 a year. If you have a considerable amount of property you would like to be protected, this is a great value. Umbrella policy prices depend on the type of protection and protection limits. Pricing discounts are available in many cases when you bundle with your auto carrier.
Does Umbrella Insurance Need to Be With the Same Company?
No, you do not have to purchase your umbrella insurance policy through the same carrier as your home or auto policies, but some carriers may require that you have all your policies under one provider. Bundling your home, auto, and umbrella policies can provide you with bundling discounts and make managing your policies easier.
How to Get Your Customized Personal Umbrella Insurance Quote
Umbrella insurance can be tricky and hard to fully understand. For more information about umbrella insurance, please feel free to contact one of our agents. Our team will find you the best umbrella insurance policy in your area that will save you money. All you need to do is tell us what you’re looking for and our team will do all of the heavy lifting- it’s shopping for umbrella insurance made easy.
Umbrella Insurance FAQs
How much personal umbrella insurance should I have?
Depending on how many assets you need to be protected will determine the number of coverage you will want to obtain. For example, if your family has over $300,000 in assets then we recommend $1 to $5 million of umbrella protection.
Can I have two personal umbrella policies?
No, you can only have one personal umbrella policy.
