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Personal Umbrella Coverage increases liability coverage on existing policies. Homeowners, auto's, boat and any other poli you may have which includes a liability limit can go under an umbrella. To simply state, Umbrella's increase your liability coverage where your existing policies stop. For example, say you carry $500,000 liability coverage on your homeowners and $2 and $250,000/$500,000 split limits of bodily injury on your auto policy. A $1,000,000 umbrella policy will provide you an additional $1,000,000 in coverage. Therefore, if someone successfully sues you for $800,000 for an injury at your home, the umbrella coverage will pay for the extra $300,000 which exceeded your homeowners coverage of $500,000.
Umbrella's have several choices of limits: $1,000,000; $2,000,000 ; $3,000,000 and $5,000,000. Often the difference in cost between $1,000,000 worth of coverage and $2,000,000 is not a great deal more even though the limit is twice as much. Contact us for more information.
Covering Auto's Under An Umbrella
Umbrella policy's can cover any vehicles that people in your household use. Young drivers with less than 6 years of driving experience may be an additional expense. Covering Home's Under An Umbrella Primary, secondary, Timeshares, out-of-state and rental property and vacation homes can all be covered under an umbrella policy. Often this coverage is sold as an additional endorsement or supplement to the homeowners coverage on your primary HO3 policy. Umbrella policy's can not be attached to Dwelling policy's only!!! SWIMMING POOLS: Watch out for coverage's concerning a swimming pool. Carriers vary greatly on this subject; some don't have a problem with swimming pools, while others won't insure a home if the pool has a diving board. Contact us for more information.
Covering Your Pleasure Boat Under An Umbrella
You can cover a pleasure boat under an umbrella as long as you have liability coverage presently on the boat. In most cases, the insurance company will require a minimum of $300,000 to $500,000 in what they call "underlying coverage." Underlying coverage is basically liability coverage on an existing boat policy.
Some insurance companies do not like having the risk of an inexperienced driver and will not cover an automobile under a Personal Umbrella policy that has an inexperienced driver. Sometimes a "young driver" can be as old as 25.
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If at any time you have a question, need help or would like to see how much it would cost to insure your belongings with The R.L. Summers Insurance Agency, feel free to Get a Quote by calling 617-542-8432 or by clicking here to submit your contact information to us so we can service you.
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