Personal Umbrella Insurance

If someone is injured on your property, or because of an accident you caused, you’ll likely be held liable. And, what if the settlement or judgment costs you more than what your home or auto policy covers? How will you pay?

Standard homeowners and auto policies provide only minimal liability coverage, which can put the cumulative value of your home, vehicles, savings and investments at risk.

A Personal Umbrella insurance policy provides extra liability protection by extending the limits of your auto, home or boat policies. Should you be named in a lawsuit, a personal umbrella policy will cover defense costs, attorney fees and other charges associated with a lawsuit that exceeds the limits of your basic policies.

Owning several homes, a trampoline, or having young drivers, all increase your risk of being targeted in a lawsuit.

Generally, the greater the wealth, the more likely you are to be targeted in a lawsuit. But wealth isn’t the only thing adding to the need for an umbrella: With Michigan’s recent changes to No-Fault Reform, and the option to choose lower limits or opt-out, many Michiganders can now be left with incredible medical debt. This is expected to increase the amount of lawsuits from injured drivers. 

Did you know that if the judgment or settlement extends beyond your current assets and insurance limits, you could be required to pay based on your potential, future earnings? Anyone with established assets will benefit from a $1M to $10M Personal Umbrella policy.

What’s covered by a Personal Umbrella insurance policy?

• Legal defense fees
• Attorney fees
• Monetary judgments/settlements
• Medical bills, including therapies
• Lost wages for the injured
• International Coverage

What’s NOT covered by Personal Umbrella insurance?

• Injury to the insured. A Personal Umbrella policy only covers bodily injury or property damage to others, not yourself.
• Intentional acts. If you harm or injure someone intentionally (not including self-defense), the resulting claim will not be covered by a Personal Umbrella policy.
• Business actions. Personal Umbrella policies do not cover you in business, even if you’re the business owner. Instead, business liability policies exist for this purpose, including: Directors and Officers Insurance, Employment Practices Liability Insurance, General Liability Insurance, Professional Liability Insurance and more.insura