Let us help you with your Umbrella Insurance needs
Umbrella Insurance Policies
Life can be so unpredictable and even though you have great coverage under your homeowners/renters and auto insurance policies, you may want to consider having an umbrella policy as well. Your Millstone Insurance agent can discuss different options and help you choose an umbrella policy that is right for you!
Why is umbrella insurance important?
Umbrella insurance is extra insurance that provides protection beyond existing limits and coverages of other policies, or for claims that may not be covered by liability policies. It is designed to kick in when these other liability policies have been exhausted. Umbrella insurance can provide coverage for injuries, property damage, certain lawsuits, and personal liability situations.
In the event that you become the target of a lawsuit for a substantial sum of money, but don’t have enough insurance to cover the damages that may arise, the expenses would have to come out of pocket. This could create significant financial hardship. An umbrella policy can help cover you in the situation of potential financial ruin due to an unintentional misstep or an unforeseeable accident.
How much umbrella insurance do you need?
- The total value of all assets to be protected
- The perceived scope of the risks that are faced
- Risks arising from being a homeowner or a renter
- Risk of causing an auto accident (this may include the length and nature of a commute to work)
- Any potentially dangerous activities one undertakes that could put others at risk
- The potential loss of future income
How much does umbrella insurance cost?
Umbrella insurance is extremely appealing because the cost is generally low. For $1,000,000.00 of coverage, you may be looking to pay as low as $150.00 per year for your policy.
