What is often referred to as an umbrella policy is actually best called an excess liability policy. Just as its name implies, this kind of insurance extends a layer of liability insurance coverage over-and-above what you carry for liability on your home insurance and your auto insurance.
The occurrences of “normal” people having “normal” accidents where final judgments wound up exceeding their home and auto insurance limits is rather staggering (and frightening). We have many first-hand experiences where court verdicts exceed someone’s insurance limits, leaving personal assets exposed to liquidation. Yuck!
Nearly everyone has some exposure that would benefit from an umbrella policy. These policies are very affordable, customized to address your needs, and are surprisingly easy to understand. They can also extend their limits over boat insurance policies, landlord policies, and secondary property policies.
We strongly recommend that you talk to us about either adding an umbrella policy to your insurance portfolio, or talking to us about the adequacy of the one you currently have!
