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Who needs an Umbrella Liability policy?

Posted in Personal Insurance Tips, Home & Property Insurance

Who needs an Umbrella Liability policy?

Aptly named, an Umbrella Liability policy provides you extra coverage, above and beyond your other insurance policies, for a rainy day. This type of liability policy protects you against events that could impact a substantial portion of your personal earnings or assets, in the event of a lawsuit. It provides you with higher limits of coverage and broader coverage options at a reasonable cost. It provides coverage over and above your property or auto insurance policy.  

What is Liability coverage? 

The liability portion of your insurance policy is meant to protect you and your family against the liability from an activity that results in bodily injury, property damage or personal injury. For example, your dog bites someone and injures them, or you are sued for injuring someone in a car accident. 

Who needs an Umbrella Liability policy? 

An Umbrella Liability policy is designed for people who have a higher chance of being involved in a lawsuit, based on their occupation or lifestyle. As someone with more to lose, others may be more likely to engage in a legal dispute, as they may assume that you have the means to "make it right". 

Someone who would benefit from this type of coverage would typically have a higher net worth, involved in politics or entertainment, frequently entertains on their property or involved in committees and/or boards. These policies are great for people who have multiple rental properties and tenants, frequently host others on their property or have recreational vehicles that are used by friends and family.

What is covered under Umbrella Liability?

This is in no way an exhaustive list. But, here are some examples of things covered under an Umbrella Liability policy: 

  • Landlord Liability 
  • Slander Claims 
  • Claims of Mental Anguish 
  • Medical Costs for Injury 
  • Repair Costs for Damage 
  • Bereavement of Family Support

Are you properly covered? Be sure to discuss your needs with your insurance broker so that we can design the perfect coverage plan for your needs!

Need to talk to your broker about increased liability options?

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