How Umbrella Insurance Works
Personal umbrella liability insurance acts like a second layer of financial protection that comes into focus after your primary liability limits have been met and may even cover you in certain situations when your other policies don’t. If you’re looking for extra security, umbrella insurance is an answer that can help to secure future earnings, guard against wage garnishment and protect everything you’ve worked so hard for.
What Does Umbrella Insurance Cost?
According to the Insurance Information Institute, the average umbrella policy costs about $150 to $300 per year and for that small annual sum, you’ll get around $1 million in personal umbrella liability coverage. The primary factor in determining cost comes down to one simple question to ask yourself — how much umbrella insurance do I need? The answer to that lies in your location, property you own, assets and other risk factors. Your bundled insurance options will also play a role in your cost.
5 Things to Know About Umbrella Liability Insurance
While most people have heard about umbrella insurance, not everyone understands how it works. If you’re asking yourself, “what does umbrella insurance cover,” then look no further. We’ve uncovered five facts about umbrella insurance that may surprise you:
1. Personal injury coverage