Personal Umbrella Insurance
Personal Umbrella Insurance Information
Ifft & Palmer Insurance is committed to helping every client design a customized and optimized personal insurance portfolio that will ensure that they have the financial tools to support themselves through life’s challenges. Everyone needs a risk management strategy for their personal life, and we will make sure you get it, no matter what your specialty needs.
Clients who want the highest levels of personal liability insurance should consider investing in umbrella insurance. It’s there to ensure that you will still have assistance available even if claims on your personal plans exceed their limits of liability.
To get your policy now, just call us at 412-471-0500 or request your free quote online!
Common Umbrella Insurance Questions:
Nearly all personal insurance plans—home, auto, renters, motorcycle, etc.—will have liability insurance as part of their coverage. The liability policy will pay a third party when you are legally responsible for a mistake that caused them harm. If you cause a car wreck, for instance, then your auto liability insurance will pay for the property damage or injuries done to other drivers.
Still, liability coverage will contain limits, and you can’t guarantee that a third party’s claim will be totally covered within the bounds of those limits. Umbrella insurance will be able to step in when excessive claims occur. It will provide you with additional liability benefits once your existing plans stop paying.
A single personal umbrella policy can apply to numerous liability policies at the same time, including:
To use your umbrella plan, you must first file a claim against your existing liability benefits. Those plans will pay up to their limits, at which time you can turn to your umbrella plan to pay the residual costs. With it, you’ll be able to settle your losses with those to whom you owe money, with a minimal financial loss to yourself.
Suppose that you have homeowners insurance with a liability limit of $500,000. A neighbor falls down your steps, sustains a severe injury, and sues you for $2 million worth of medical bills, lost income and other damages. That’s a $1.5 million difference between what you owe this neighbor. Umbrella liability insurance will help you pay for that gap in coverage.
Most plans offer a basic limit of at least $1 million, and some will even cover liabilities that are not insured by your basic plan. So, if you ever find yourself lacking coverage in one plan, then you might find the solution in your umbrella plan.
Though you never want to be in a position to have to use and umbrella plan, they will be there nonetheless in case of a worst-case scenario. These policies are highly affordable, especially when weighing the significant and diverse benefits that you can recoup from your plan when the need arises.
We are committed to working with you to compare the policies within our carrier network to provide you with the most flexible and affordable plan for your needs.