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When you’ve maximized your auto or homeowners insurance coverage but still feel exposed, it’s time to consider an umbrella policy.
An umbrella insurance quote is your first step toward securing a crucial safety net that goes above and beyond your standard policies. This quote provides a personalized estimate for high-level liability coverage designed to protect your assets and future income from devastating lawsuits.
Umbrella insurance exists to provide excess liability coverage. If you are found legally responsible for damages that exceed the limits of your underlying policies—such as your auto or homeowners insurance—your umbrella policy kicks in.
For example, if you cause a severe multi-car accident with medical bills totaling $1 million, but your auto policy only covers $500,000, your umbrella policy would cover the remaining $500,000, plus legal fees. It also covers claims that other policies might exclude, like libel, slander, or false arrest.
The process of getting an umbrella insurance quote is straightforward. Insurers primarily assess your risk level by reviewing your existing policies. To even qualify for an umbrella policy, most companies require you to have high underlying liability limits on your auto and home insurance, typically around $250,000/$500,000 for auto and $300,000 for homeowners.
The insurer will then evaluate factors like your driving record, credit history, the number of properties or vehicles you own, and whether you have potential risks like a swimming pool or dog breed. Because the risk for the insurer is high but the applicant pool is generally low-risk, umbrella insurance is surprisingly affordable, often costing just $200 to $400 per year for a $1 million policy.
Ultimately, securing an umbrella insurance quote is an act of financial responsibility. It’s not just for the ultra-wealthy; anyone with assets to protect—a home, savings, or a future income—can be a target in a lawsuit.
A quote provides the clarity and price point needed to make an informed decision about safeguarding everything you’ve worked for from unforeseen catastrophic events. It is a simple step that offers profound peace of mind.