Here at G&L Insurance, we want to empower our clients to protect everything they work so hard in life to achieve. We know you do not spend years of your life working toward your dreams only to risk losing it all in a lawsuit. That is why we provide umbrella insurance personalized to fit the needs of everyone – from those with a high net worth to middle class households still chipping away at the American Dream. Wherever you are in your financial journey, let our team help protect your assets along the way.
What is Umbrella Insurance?
Umbrella insurance is supplemental personal liability insurance that provides high limits of coverage against damages that exceed the limits on your primary home, auto, and other liability insurance. It protects your income and assets against garnishment and liquidation, allowing you to pay your liability without affecting your current lifestyle or progress toward future goals.
Because umbrella insurance is secondary to the primary coverage on your other insurance policies, issuers typically require you to carry a minimum of coverage on your home and auto insurance. This usually includes:
- $300,000 or $500,000 homeowners liability insurance
- $250,000 individual bodily injury/$500,000 total bodily injury per auto accident OR
- $300,000 combined single limit (CSL)
In the event of a major claim or lawsuit, the coverage limits on these policies are exhausted before umbrella insurance pays any remaining damages up to the limits in your policy. Umbrella coverage can also be used to pay for any legal fees you incur for your defense. Furthermore, in the event you are sued for a liability not covered by your primary policies, umbrella insurance can step in to cover the damages. Examples include claims of libel, slander, false arrest, and damages incurred while traveling abroad.
Do You Need Umbrella Insurance?
Unfortunately, lawsuits can happen to anyone, even those who consider themselves ‘low-risk’. A single-car accident could result in a million-dollar lawsuit for which a standard auto insurance policy would fall short of paying in full. In addition to your own risk behind the wheel of your vehicle, there are many different scenarios that could pose a liability threat. For example, you might be at higher risk of a lawsuit if you:
- Have a teen driver
- Have a long commute
- Welcome guests into your home
- Own a swimming pool
- Have a pet and/or take it for walks, to the park, or to the kennel/groomer
- Own investment properties where tenants live
- Have household members who are active on social media
Umbrella insurance prevents you from liquidating your personal assets to satisfy a judgment. Most policies contain a minimum of $1 million in coverage, although some can provide as much as $5 million or more in asset protection.
Request Your Umbrella Insurance Quote
An umbrella policy is not just for the wealthy. Anyone with a savings account, high-value assets, or even the ability to earn a future income could be at risk of major loss after a lawsuit. Umbrella insurance can help protect:
- Your investments
- Your child’s college savings
- Your business
- Your plans for the future
Call us today to request your personal risk assessment and determine if an affordable umbrella policy could help fill in gaps in your personal liability coverage.