Personal Umbrella Insurance

What is a Personal Umbrella?

Simply explained, a Personal Umbrella is a special insurance policy that provides a specified amount of liability insurance in excess of your other personal insurance policy limits.  A personal umbrella policy affords you greater liability protection over a broader array of risks at an affordable premium.

Why do I need a Personal Umbrella?

It is important to remember that every policy has specific limits for bodily injury and property damage liability protection. For example, if your automobile insurance policy has a limit of $100,000 for bodily injury liability and you were found liable for damages in the amount of $200,000, your auto policy would only pay up to the limit of the policy, or $100,000.  The amount over the limit of the automobile policy would be your responsibility.  That puts your personal assets at risk and threatens the security of your financial future.

A personal umbrella provides additional liability coverage for the risks covered by your current automobile and homeowners’ policies.  It reduces the chance that you’ll be left with major out-of-pocket expenses in the event of a large settlement.  Your personal umbrella picks up when your other liability limits are reached.  A personal umbrella policy can also cover attorney costs and lost wages.  Talk to your Lussier Insurance agent for additional details.

Couldn’t I just increase the limits of my other policies?

Yes…but it wouldn’t be as cost-effective, nor would you get the same amount of liability protection for your dollar.  By purchasing personal umbrella insurance, you get more coverage for less that it would cost to increase the liability limits on each and every personal lines policy you carry.  A million dollars of liability protection is much more affordable than you realize…and it’s a smart and affordable way to increase your peace of mind.

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