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UMBRELLA INSURANCE

WHAT IS AN UMBRELLA POLICY?

Alliance Insurance of the Rockies understands how confusing it can be to choose insurance policies that are right for you and your family. As part of our mission to help you find coverage that fits your unique needs, we’re here to educate you on the many different types of insurance policies, including umbrella policies. Umbrella insurance policies provide additional protection for auto insurance and home insurance policyholders. Umbrella policies go above and beyond standard insurance policies to be able to provide additional liability coverage.

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Is Your Insurance Protecting You?

HOW DOES AN UMBRELLA POLICY WORK?

People purchase umbrella insurance policies to be able to protect their assets. If you’re ever in a situation where you’re sued for an amount that exceeds the liability limits of your other insurance policies, your umbrella policy will help pay the amount you owe. If your car insurance, home insurance, or boat insurance doesn’t have enough coverage to cover what you owe, your umbrella insurance will pay the difference between your primary insurance policy and the remainder of what you owe.

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WHAT WILL MY UMBRELLA INSURANCE POLICY COVER?

Umbrella policies are designed to protect you and members of your household against personal injury lawsuits. Certain umbrella policies also cover damage to someone else’s property, defamation claims, and landlord liability. Usually, umbrella insurance policies also cover legal fees. The various fees most umbrella policies cover include:

  • Funeral costs if injuries you caused resulted in a fatality
  • If you’re a landlord, injuries or property damage endured by a tenant
  • Slander and libel lawsuits
  • Lost income to others

UMBRELLA COVERAGE FAQ

Even though umbrella policies aren’t required by law, it’s a good idea to purchase this type of insurance policy if you have a lot of assets, or are in a position where you’re likely to be sued. Some common occupations where people purchase umbrella insurance policies include public figures, landlords, professional athletes, and board members.

According to the Insurance Information Institute, umbrella policies generally cost anywhere from $150 to $300 per year.

Yes! Umbrella insurance policies extend past your home and auto insurance policies to provide liability coverage for your boat, motorcycle, ATV, and snowmobile. Always double check with your insurance agent to make sure you have an umbrella policy that covers what you need!

Luckily, umbrella insurance policies provide protection even while you’re traveling.

To qualify for an umbrella policy, you must have an existing insurance policy. This can include home, auto, condo, and renter’s insurance policies. Certain insurance policies also require you to have a minimum liability threshold.

Umbrella policies usually offer $1 million in coverage. If you need to, you can purchase additional coverage for your umbrella policy, usually up to $5 million.

OUR CARRIERS

Request A No-Obligation Umbrella Insurance Quote

Alliance Insurance of the Rockies is here to help you find insurance policies that protect you and your family. With over 25 years of experience, we’re prepared to help you explore your insurance options, and help you find a policy that adequately protects your assets. If you’re interested in learning more about how you may benefit from an umbrella policy, contact our knowledgeable team today by filling out the form!