umbrella insurance
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Securing umbrella insurance has remained relatively accessible compared to the challenges encountered in obtaining home and auto insurance. While the landscape for umbrella coverage may not be as stringent, it's essential to acknowledge the importance of comprehensive protection. We're committed to assisting you in navigating your insurance needs, ensuring you have the appropriate umbrella coverage tailored to your circumstances.
Q1. What is umbrella insurance?
Umbrella insurance is an extra layer of liability protection that goes beyond the limits of your homeowners, renters, or auto insurance. It helps safeguard your assets, home equity, retirement savings, and income by covering bodily injury, property damage, personal injury (like libel or slander), and legal defense costs in lawsuits.
Q2. How much coverage does umbrella insurance provide?
Most umbrella insurance policies start at $1 million in coverage and can increase to several million, depending on your needs and the insurer. You can choose higher limits for greater protection, though premiums increase as coverage limits rise.
Q3. What does umbrella insurance not cover?
Common exclusions include:
- Intentional or criminal acts
- Business activities (unless specifically endorsed)
- Specialized risks already covered by other insurance policies
It’s important to review your policy’s exclusions carefully to understand what is and isn’t covered.
Q4. How much does umbrella insurance cost?
The cost depends on:
- The coverage limit selected
- Your risk profile (assets, income, lifestyle)
- Where you live
- The insurance company
Despite offering large coverage amounts, umbrella insurance is generally affordable relative to the protection it provides.
Q5. What are the requirements to get umbrella insurance?
You must typically carry primary insurance policies (like homeowners, renters, or auto insurance) with maximum liability limits. The umbrella policy only activates after the liability limits of those policies are exhausted.
Q6. Is umbrella insurance mandatory?
No. Umbrella insurance is not legally required like auto or home insurance. However, it is highly recommended for individuals with significant assets, high net worth, or elevated liability risks, as it offers broad financial protection beyond standard policies.
Industry
- Auto
- Homeowners
- Condominium
- Landlord Home
- Landlord Condo
umbrella services
Flexible Quoting
Claims Assistance
Claims Assistance
Plan for your retirement with Econo Agency. We offer a range of retirement planning options to help you achieve your long-term financial goals.
Claims Assistance
Claims Assistance
Claims Assistance
If you’ve exhausted all your liability limits for home and auto, you may need to use umbrella coverage limits to protect yourself from potential lawsuits. Our dedicated team ensures quick and fair settlements, available for your peace of mind.
Remarketing Review
Remarketing Review
Remarketing Review
Unlike auto and home insurance, umbrella policies typically have more stable premiums that may not fluctuate as much. However, we're always willing to reassess your needs, whether it involves adjusting coverage limits, increasing or decreasing them, or exploring options with different insurance providers.
Estate Planning
Remarketing Review
Remarketing Review
If you are unsure whether or not you need umbrella insurance, we will conduct a free consultation assessing your assets, income, lifestyle and any potential liability risks that could result in lawsuits or significant financial loss.
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