At Cornerstone Insurance Agency LLC, we believe in protecting your entire financial picture, not just parts of it. That’s why umbrella insurance is such a critical piece of a complete coverage plan. If a major liability event occurs, your standard homeowners or auto insurance may not be enough. An umbrella policy gives you peace of mind and protection that extends beyond the basics. Check out our guide below!
Questions? Reach out to one of our knowledgeable insurance agents. We’re eager to set you up with the right coverage and rate!
What Is Umbrella Insurance?
Umbrella insurance is a type of personal liability insurance that covers claims exceeding the limits of your other insurance policies. If you’re found liable in a lawsuit for damages or injuries, your underlying policy may only go so far. Umbrella insurance picks up the rest—often up to $1 million or more.
Why You Might Need Umbrella Insurance
You may think umbrella coverage is just for the wealthy, but that’s a misconception. Here are scenarios where it can be incredibly helpful:
- High-value assets or future income at risk
- You own rental property
- You host guests frequently
- You have teenage drivers in the house
- You engage in activities with a higher risk of lawsuits, like coaching sports or volunteering
Example:
Imagine your teenage driver is involved in a serious accident and is found liable for injuries totaling $800,000. Your auto insurance covers $300,000. Without umbrella insurance, you’d be personally responsible for the remaining $500,000. With umbrella coverage, you’re protected.
Affordable and Effective
One of the best parts? Umbrella insurance is affordable. For as little as $150-$300 per year, you can purchase a $1 million policy. For the cost of a nice dinner out, you can safeguard your entire financial future.
This article is for informational purposes only. You should not act based on this information without first consulting with your insurance agent; if you would like a quote from a Cornerstone Insurance Agency licensed agent, contact us. We disclaim all liability for actions taken or not taken by you based on the contents of this article which is provided “as is.” Cornerstone makes no representation that this content is error-free.