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Personal Umbrella Insurance

Did you know the average home insurance claim in California with bodily injury in 2005 was $541,117, while the average auto insurance claim involving bodily injury was $406,576? A personal umbrella policy is the best form of protection against these, and many other types of losses. Fortunately, it’s also one of the least expensive forms of personal insurance as well. To determine if you may need a personal umbrella policy, a Schaedler Insurance representative can help you complete an asset protection worksheet free of charge. The worksheet helps find what, if any of your personal assets may be exposed in the event of a major claim. To get started, you may need a personal umbrella policy if any of the following conditions exist within your household:

You Own a Home

Your Family Annual Income Is Over 50k

You Own Rental Property Or Land

You Have Retirement Assets

You Own Valuable Personal Property Such As Jewelry, Art, Etc.

Possibly the most important personal insurance question you can ask yourself is do I have enough liability insurance?

What Is a Personal Umbrella Insurance Policy?

A personal umbrella policy provides an additional amount of liability insurance, (typically in increments of 1 million dollars), on top of the liability limits of underlying personal insurance items such as home or auto insurance. For example, let’s say you have 2 cars and a home and your liability limits for your auto insurance are 250k while your home limits are 300k. Assuming you had a 1 million umbrella policy, you would be covered up to $1,250,000 for an auto insurance claim, and $1,300,000 for a home insurance claim. The coverage’s of an umbrella policy typically follow through; meaning what’s covered by an underlying policy will be covered by your umbrella policy and vice versa. With this in mind, it’s always a good idea to package your home, auto and umbrella insurance with the same insurance company to make sure there are no gaps or overlaps in coverage.

Did you know that California law allows for as much as 25% of an individual’s “paid earnings” to be garnished to pay off an outstanding liability judgment?

What Are Personal Umbrella Insurance Rates?

Now for some good news. Personal umbrella policies are very inexpensive. Basic plans that provide 1 million in additional liability coverage can be had for as little as $17 per month. Prices rise gradually depending on several rating questions such as the number of vehicles, rental homes, or additional drivers in the household, as well as several other factors.