Personal Umbrella Insurance

Personal Umbrella Insurance is a supplemental liability policy between the policyholder, and an insurance company designed to provide additional financial protection beyond the liability limits of the insured's underlying auto, homeowners, or boat insurance policies. This coverage is essential for individuals who wish to safeguard their assets, future earnings, and financial stability against high-value lawsuits or catastrophic liability claims, providing an extra layer of protection when the limits of traditional insurance policies have been exhausted.

To qualify for Personal Umbrella Insurance, the insured must maintain certain minimum limits on their underlying policies, including:

• $300,000 per person / $300,000 per occurrence for bodily injury liability, and $100,000 for property damage liability, or

• $250,000 per person / $500,000 per occurrence for bodily injury liability, and $100,000 for property damage liability.

• Minimum Personal Liability Coverage of $300,000.

• Boats under 26 feet and less than 50 horsepower (HP): Minimum liability coverage of $100,000.

• Boats 26 feet or longer, or with 50 horsepower (HP) or greater: Minimum liability coverage of $300,000.

• Personal Umbrella Insurance becomes effective only after the liability limits of the underlying policies have been exhausted.

• For example, if a driver causes an accident and is sued for $500,000, but their Auto Insurance policy provides only $300,000 in liability coverage, the Personal Umbrella policy may cover the additional $200,000, helping prevent substantial financial losses and protect the insured's personal assets.

• This policy does not replace existing insurance coverage. Instead, it serves as an extended layer of liability protection, providing additional financial security and peace of mind against severe and unexpected liability exposures that could otherwise jeopardize personal assets and long-term financial well-being.