What is Umbrella Insurance?
Umbrella policies are policies that have extra liability coverage in the event that you harm someone or their thing to such a degree that your other policies cannot pay for the entire loss.
How do Umbrella Policies Work?
WHO: The named insured, spouse, resident relative and other designated people in the household
WHAT: Umbrella policies most often pay for things like:
Limits start at $1,000,000 but can range up to $5,000,000 or even $10/20/30/100,000,000.
WHEN: Umbrella policies kick in to start paying after your other policies limits have been exhausted.
HOW: You can obtain an umbrella policy through most companies, and nearly all insurance agencies, even direct writer's offer this coverage.
Most times, you must first have sufficient coverage (enough limits of liability) with your other policies and those policies must cover all the risks your umbrella could be subjected to pay for. Those policy types you must have are:
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