Umbrella insurance gives an extra layer of liability coverage

You’ve worked hard for your car, home, savings — your success. And personal umbrella coverage can help you protect these assets from the unexpected.

Umbrella insurance provides additional liability coverage — over and above the limits on your auto and other personal liability policies. This extra protection is available in $1 million increments up to $10 million. And $1 million of coverage can cost less than $1 a day.

What is umbrella insurance?

It’s an affordable way to keep an extraordinary event from becoming a financial life-changer. Consider: The average jury award for auto accidents involving bodily injury and property damage exceeds $300,000. Liability awards for accidents in the home can be just as substantial.

UMBRELLA INSURANCE BENEFITS

Your son causes an accident

While away at college, your 19-old son causes an accident that seriously injures a tech company’s executives. Your auto insurance liability limits may not be high enough to cover their medical expenses and lost income while they recover.

Your injured friend can’t work

A guest at the pool party you’re hosting slips on your diving board and falls into the stone-paved deck. She’ll be ok  – but will need back surgery or ongoing rehab. The cost of this care will exceed the limits of your homeowners policy.

Your flood your downstairs neighbour

You forget you left your bathtub running. While you were gone your tub overflows – deluging your downstairs neighbour’s home office. Renter’s insurance won’t cover the full cost of the damage to her property and business.

Your injured friend can’t work

Your friend trips and falls over a toy left in the middle of the hallway by your son. She won’t be able to work for some time, and the liability limits of your homeowners insurance may not be high enough to cover her medical bills and other compensation.

What does umbrella insurance cover?

A standard umbrella policy provides additional liability coverage for:

•       Your primary residence

•       Two motorized vehicles

•       Small Sailboats or motorboats with fewer than 50 horsepower

But you can also add optional umbrella coverage for other property and situations: Additional motorized vehicles; secondary or vacation residences; rental properties; unlicensed recreational vehicles; jet skis and jet sleds, vacant land; and uninsured/underinsured motorists.

Enjoy features you might not expect

Personal umbrella insurance follows you anywhere in the world, and features additional coverage your underlying policies might not include. For instance: It can help with legal fees and damages if you’re accused of slander in a social media post.

Add umbrella insurance to existing liability coverage

A Farmers umbrella policy builds on the liability coverage of two underlying policies: auto and homeowners or renters. While your auto insurance must be with Farmers, your home or renters insurance can be with Farmers or any other carrier.

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