Umbrella liability creates layers of coverage over your primary policies like automobile and homeowners. Rather than purchasing higher limits on these policies independently, a million dollar umbrella covers both policies for the additional liability amount.
We can offer on-line quotes for the automobile and homeowners policies, but we need to review your individual situation to provide umbrella policies.
The umbrella offers extensions to your underlying coverage too. If you travel overseas, or drive in foreign countries, you should consider an umbrella policy. The personal automobile policy limits territory to the United States, its territories, and Canada. Liability does not extend to Mexico or Europe. The umbrella policy provides worldwide coverage for personal and automobile liability.
So, how does this work? If you have an at-fault accident which exceeds your underlying limits, your auto policy limits for example, the umbrella steps in and pays the excess to its limit. If you have a claim which is not covered by the underlying policy, the umbrella may step in and pay the liability claim.
Umbrella policies use a deductible referred to as a retention. You would pay the retention and the umbrella coverage pays for legal expenses, claims costs and the damages. A retention goes towards costs of claims as well as damages, the deductible simply reduces the damage amount. These retentions can be any amount from $100 to $10,000 depending on the company.
You may be required to increase the underlying limits of liability to meet underwriting guidelines, which is why we need to review your overall insurance coverage rather than quoting on-line. We'll still be happy to quote your automobile and homeowners from our website, but let one of our experts help you with fine tuning.