Umbrella Insurance Overview
Purchasing a personal umbrella policy from Phil Richard Insurance is an easy and cost-effective way to help you achieve extra peace of mind. Umbrella insurance goes beyond the typical limits of liability to give you, your family and assets broader coverage for a wider spectrum of incidents. We recommend a personal umbrella policy to all of our clients to enhance existing personal home, auto, recreational vehicle and watercraft policies.
Some things to consider about Umbrella Insurance
- Umbrella policies come in coverage amounts of $1 million dollars or more.
- The extra protection is designed to kick in if you are sued over an incident not covered by your existing home or auto insurance.
- It is recommended that people buy $1 million more in umbrella insurance than they think they will need. The idea is you can’t be over-insured for lawsuits.
Our team at Phil Richard Insurance will guide you towards the level of umbrella insurance you may need.
Frequently Asked Questions
What does a personal umbrella policy cover and why would I need one?
An umbrella policy is just what it sounds like, a liability policy that provides an extra layer of coverage over and above your existing insurance policies, which may include auto, home, RV or rental property. There are also commercial umbrella policies that provide excess coverage over business, business auto, and workers compensation insurance policies. Umbrella policies kick in after your regular policy limits are reached, protecting your assets in the event of a catastrophic accident or other event.
When should I purchase a personal umbrella policy?
We recommend that you purchase an umbrella policy as soon as you own a car or other motor vehicle. However many people wait to buy umbrella coverage until they purchase a home, rental property or land or when they have children. The sooner, the better when it comes to umbrella insurance.