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Personal Umbrella

A Personal Umbrella policy is a policy to provide excess liability coverage over and above the limit provided by your underlying automobile, homeowners or renters, watercraft and/or motorcycle insurance policies.

A Personal Umbrella policy will provide you with financial protection of your current and future assets. An Umbrella Policy will essentially “pick up” and pay out additional liability on claims that you are found liable once your underlying policy limits have been exhausted. Personal umbrella policies can be purchased in denominations of $1,000,000 – $5,000,000, if needed higher limits are available.

1. I was advised if I don’t have all my insurance policies with the same insurance company my umbrella might not extend over a policy that was not issued with the company which provides the personal umbrella coverage.

This is correct with some companies. If the company does not write the underlying coverage they will exclude providing excess liability coverage. Many insurance companies only require one additional line of business such as an automobile policy or a homeowners policy to be able to offer an umbrella policy.

2. What are the minimum requirements to qualify for a personal umbrella policy?

Each company has underlying requirements in order to qualify for a personal umbrella policy. The requirements might be as follows:

Automobile Liability – $500,000/$500,000 Bodily Injury & $100,000 Property Damage or $500,000 Combined Single Limit.

Home and Dwelling Fire Personal Liability – $300,000 Combined Single Limit without swimming pool or waterfront exposure, $500,000 Combined Single Limit with swimming pool, or waterfront exposure.

Watercraft Liability – $500,000 Combined Single Limit.