Jan 14 2020

Individual liability insurance ^ Video

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Individual liability insurance


Personal Umbrella Insurance

Personal umbrella liability insurance is an extra layer of coverage to protect your hard-earned dreams — now and in the future.

Consider all the things you work so hard for — your home, car, financial stability for your family. All of these can be at risk if you’re in an accident and held liable for injuries and damages. Because if the resulting expenses go above your primary policy limits, you may have to sell your assets or give up future earnings in order to pay the remaining cost.

Take a look at how Personal Umbrella Liability insurance with American Family Insurance can help protect you financially and keep your dreams moving forward.

What is an Umbrella Insurance Policy?

Think of umbrella insurance as an additional financial safety net. You hope to never need it but it provides significant protection of your assets and future, as well as peace of mind. It adds an extra layer of liability coverage over and above many types of policies:

  • Automobile
  • Home (primary residence or seasonal)
  • Motorcycle
  • Watercraft
  • Recreational vehicles
  • Certain rental properties

If you face a substantial claim or lawsuit, umbrella coverage will help pay the outstanding costs, so you don’t have to dig into your life savings or sell off your hard-earned assets.

Umbrella insurance even provides coverage that may not be covered by your other policies — such as libel, slander and false arrest. Also, if you travel, Umbrella provides worldwide coverage where your other policies may not.

Here’s some perspective: If you cause a car accident that amounts to $500,000 worth of damage and your auto policy limit is $300,000, your insurer would cover the $300,000 and you’d be left to pay the remaining $200,000 on your own — ouch. However, if you have umbrella insurance, you can rest easy knowing the weight of that $200k is off your shoulders, since it’s designed to pick up and pay the remaining balance (up to your umbrella policy limit).

Why Do I Need Umbrella Insurance if I Have Auto and Homeowners Insurance?

Sometimes the limits on your other policies (Home, Auto, Boat, etc.) are not enough. The Umbrella insures you above the liability limits of those policies so that a serious accident doesn’t cause serious financial consequences to your future. In addition, the Umbrella covers some claims that your other policies may not.

What Does an Umbrella Policy Cover?

If you’re liable for a covered accident, a personal umbrella policy covers:

Bodily injury liability. Medical costs, loss of income, funeral expenses of other people involved in the accident.

For example: If you cause a serious car accident and the medical expenses amount to $700,000, but your limit is $500,000, you would be responsible for paying out of pocket for the remaining costs. If you have an umbrella policy providing $1 million in coverage, you can rely on the safety net that is your umbrella policy, since it will cover the remaining $200,000.

Property damage liability. Physical destruction of someone else’s property, including the resulting loss of its use.

For example: If during that serious car accident you cause damage to multiple vehicles, and the resulting damage goes above your auto policy limit, your umbrella insurance will pick up the difference (up to your umbrella policy limit).

Personal injury offenses. False arrest, invasion of privacy, libel, slander, humiliation or defamation of another person’s character.

For example: If you post false information about someone online, they could sue you for defamation of character. Having umbrella coverage can help pay for any costs resulting from the lawsuit, meaning any settlement or costs related to your defense, including attorney’s fees.

Landlord liability. Bodily injury to or property damage of a tenant who resides in your rental property.

For example: If a tenant is injured on your rental property due to something you the landlord are held liable for, your Umbrella can cover the tenant’s injuries and loss of wages above the primary insurance for the rental property (up to the Umbrella policy limit).

Defense costs. Attorney’s fees (and other costs related to your defense).

For example: If you are sued because of injuries that were caused in an accident you were involved in, the Umbrella will cover the attorney’s fees or other related costs to defend you. The attorney costs the Umbrella pays will not reduce the limit available on your policy either!

Who’s Covered by an Umbrella Policy?

With Personal Umbrella Coverage, we’ve got your back. We’ll cover:

  • You and your spouse
  • Anyone named on your policy
  • Relatives living with you
  • Your legal representative, if you were to pass away

While a Personal Liability Umbrella Policy helps protect you for many of life’s unexpected scenarios, there are some occurrences that may not be covered* under the umbrella policy, such as liability or damages related to:

  • Your business
  • Your personal belongings
  • Physical damage to rented property (e.g., rental car)
  • Intentional or criminal acts or omissions
  • Liability assumed by an insured under any contract or agreement not in writing

*Please check with your agent and read the policy for exact details on coverages and exclusions.

When Do You Need Personal Umbrella Insurance?

Imagine if someone got hurt and it was your fault. Even if it was an accident, you could be held responsible and face a lawsuit.

Consider a personal liability umbrella policy if you:

  • Drive a car or participate in carpools
  • Have dogs
  • Travel
  • Own or use a boat, ATV, snowmobile, etc.
  • Have a swimming pool or trampoline
  • Own a home or rental properties
  • Coach youth sport teams

How Do You Add Personal Liability Umbrella Coverage?

To add this coverage, you’ll want to connect with an American Family Insurance agent. They’ll walk you through what you need to know and make sure your coverage meets your unique needs.

Do You Really Need Extra Coverage?

Though you do what you can to stay protected from the unexpected, the possibility of being held liable for a large settlement or judgement is very real, simply because accidents happen. The good news is you can be prepared by taking the right steps to financially protect yourself. Think about the following:

  • While driving, you accidently hit and injure a bicyclist.
  • Your dog bites someone and you are sued for damages.
  • You accidently crash your ATV and injure an unrelated passenger.
  • A guest at your dinner party gets injured on your property.
  • You post a negative online review that results in an alleged defamation lawsuit.

Want to learn more about how umbrella insurance benefits you and your loved ones? Check out our umbrella FAQs — they’ll get you savvy about staying financially safe.

Help protect your dreams and everything you’ve worked so hard for with a Personal Liability Umbrella Policy today.

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