Umbrella Liability Insurance

Umbrella Liability Insurance

Umbrella Liability Insurance

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Personal Umbrella Liability Basics

Unfortunately, accidents do happen—and it’s not uncommon for jury awards and out-of court settlements to run into the millions. Because it can be difficult to pinpoint the monetary consequences of the risks you and your family take each day while driving, you want to be certain that your current liability insurance offers you enough protection.

For example, what if:

  • Your teenager causes a serious accident while running a stop sign?

  • A deliveryman becomes seriously injured by falling on your sidewalk?

  • A babysitter is injured by your otherwise friendly dog?

If you are found to be legally responsible for injuring someone or damaging their property without a personal umbrella liability insurance policy, anything beyond the limits of your standard liability insurance coverage comes straight out of pocket. Standard liability insurance generally includes homeowners, renters, auto and watercraft policies.

Like an umbrella that protects you from the rain, over your standard liability policies, a personal umbrella liability policy provides an additional layer of insurance coverage. It protects your personal assets by kicking in when your standard liability coverage becomes exhausted.

How Much Coverage Do I Need?

You’ll want to take into consideration not only your total personal assets, but also your potential personal risks. For example, do you operate a business in your home and have employees and clients at your home on a regular basis? Are you an easy target for a big settlement because of your profession or location of your home? Determine what makes most sense for you and your personal risks. Evaluate the amount of additional liability coverage you need.

Coverages start at $1 million, and can go as high as $10 million. When considering the value of the umbrella policy, discuss your personal needs with Midwest Insurance Group, LLC.

How Much Does Coverage Cost?

Additional liability insurance is inexpensive in comparison to the added coverage you obtain. Depending on the policy value and your personal risk factors, such as recent auto tickets, your credit rating, etc., a $1 million umbrella policy typically costs about a dollar per day. Costs go up an additional $50 – $75 for each million thereafter.

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Ask about our multi-policy discounts. It’s a good idea to source all your liability policies from the same insurance company.

Who Needs an Umbrella Liability Policy?

You do! Contrary to popular belief, umbrella liability policies are not just for the wealthy. If you’re on a budget, you can still receive the coverage you needs and deserve. At Midwest Insurance Group, LLC, we recommend that everyone should consider carrying an umbrella policy. If you engage in a high-risk activity or hobby that increases your odds of getting sued (such as having a teenage driver, owning a swimming pool or entertaining frequently), it is beneficial to supplement your insurance with a personal umbrella liability policy.

Don’t wait for a rainy day to find out you need the additional protection a personal umbrella liability policy can provide. Call Midwest Insurance Group, LLC today at (262) 646-5777 to discuss your personal needs and learn about all of our liability insurance solutions.