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Umbrella Insurance

Umbrella Insurance

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Umbrella Insurance

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Presentation Transcript

  1. Umbrella Insurance Note Information in this presentation is derived from Insurance for Dummies by Jack Hungelmann. I highly recommend this book.

  2. Personal Umbrella • Auto and homeowner liability insurance policies are not enough– dollar coverage and type of incidents • Umbrella Policy: A second layer of liability

  3. How much to buy? • Umbrella sold in million-dollar increments • It is inexpensive • What is your suability factor?

  4. Umbrella Policy Should Cover Gaps in Insurance Gap: Liability risks not covered by primary (e.g., auto, home) insurance– Which gaps? It depends on your lifestyle.

  5. Examples, Umbrella Insurance May Help • Boat, ATV, and other “toy” rentals • Liability when signing a contract (e.g., rental of a chain saw) • Sailboat racing • Car rental (even though your auto policy may cover; an umbrella policy will cover above and beyond the auto policy

  6. In a perfect world • 1st, choose your umbrella policy first to make sure you have the coverage you need • 2nd, select your auto and homeowner’s insurance • Insurance companies often when sell you an umbrella policy if you do not have your auto and homeowner’s with them.