Umbrella insurance provides unique advantages—but it’s not for everyone. Swipe through the slides to explore the pros and cons and see if it’s a fit for you. This is part 5 of our 6-part series—stay tuned for the final post!
What are the pros of umbrella insurance?
- Umbrella insurance provides a lot of coverage—starting at $1 million—for relatively low cost.
- Umbrella insurance helps protect your assets if you’re found to be liable or negligent for injuries or damage.
- Umbrella insurance begins where your home or auto coverage leaves off, meaning it’s an additional limit, creating a much larger pool of resources in a lawsuit or claim.
- Umbrella insurance covers things home and auto insurance don’t, such as libel or slander, malicious prosecution, and false arrest.
What are the Cons of umbrella insurance?
- Umbrella insurance doesn’t cover personal property, your injuries, written or oral contracts, war or terrorism, or business losses.
- You usually can’t buy umbrella insurance unless you buy the highest available amount of home and auto liability protection, thus resulting in higher home and auto rates.
- You may be required to buy umbrella insurance through the same insurer as your home and auto policies; if your current company doesn’t offer umbrella insurance, that might mean you have to switch insurers.
Think umbrella coverage might be right for you? Let’s talk through your options and provide a personalized quote.
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