March Insurance Group LLC

Umbrella Insurance




Frequently asked questions on Umbrella Insurance:


What is Umbrella Insurance?


Personal Umbrella insurance is designed to give one added liability protection above and beyond the limits on homeowners, auto, and specialty personal insurance policies. With a personal umbrella policy, depending on the insurance company, one can add an additional 1-5 million in liability protection. This protection is designed to “kick-in” when the liability on other current policies has been exhausted.

Liability insurance is the portion of a homeowners or auto policy that pays for expenses such as the injured persons medical bills, rehabilitative therapy, and lost wages due to the negligence of the at fault person. The liability portion of an insurance policy also covers a legal defense representative if the negligence would happen to land the at fault person in the court room. After adding up all of the medical expenses for the injured and the legal fees of the negligent person, the standard liability in one’s homeowners or auto policy is often not enough. Almost every state has financial responsibility laws that will hold drivers accountable for bodily injury and property damage resulting from car accidents and the at fault driver could be sued for the damage. Personal assets from the at fault driver could be seized resulting from a lawsuit. Similar laws are also in force for home and watercraft owners.

There is good news. A personal liability umbrella insurance policy can give one added liability protection without a large added cost. Additional liability insurance is often inexpensive, especially compared to the added coverage one gains. Furthermore, liability insurance covers one’s non-business activities anywhere in the world. Having the added protection of a liability umbrella policy is coverage no one should go without.

Most companies will require a minimum auto coverage liability of 250,000/500,000, and a minimum of 500,000 on your home owners liability, in order to place an Umbrella policy on top. In addition, any Specialty Insurance polices you have, motorcycle, RV, boat, etc, will also have to match the auto coverage.

Do I need an Umbrella or Excess Liability policy?

Do I need it? If you have assets that you are not willing to forfeit in the event of a loss, yes. Remember, the Umbrella is worse case scenario insurance. It is above and beyond your regular insurance, for the truly catastrophic losses. Are you a college kid, that can barely afford state minimum liability only insurance on your car, and rent a shared apartment, probably not. Do you own a home? Have teenagers driving? Rental properties? Please ask for a quote.

How much will it cost me?

That will depend on the amount of underlying coverage, the number of properties covered, and the number of people covered. Normally, they start at around $200 per year for a million in coverage.

The March Insurance Group would be happy to discuss the options available to you. Please contact us for immediate assistance.

 
March Insurance Group LLC
"We Protect Your Assets"

Iron Eagle Financial Center
1036 E Iron Eagle Dr #120
Eagle Idaho 83616

208-287-3087 Telephone
208-297-5727  Facsimile

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