|
 |
|
|
| The
Allenbrook Agency offers several Personal Liability
Umbrella (Umbrella) policies depending upon your unique
circumstances. At the basic level, an Umbrella will extend the
basic liability coverages of the underlying Home or Auto policy by
$1,000,000 to $5,000,000 depending upon the amount of assets we are
attempting to protect. The following is a simple illustration
of how they work.
A Basic $1,000,000
Umbrella Policy in Colorado extends coverage over 1-2 residences and
2 vehicles (without Uninsured Motorist coverage), and costs less
than $200 per year.
Rates will vary based on your
primary property address, the number of underlying policies we are
covering, the desire to extend the coverage to UnInsured/UnderInsured
Motorist (UM/UIM), the number of youthful drivers, and driving
records, just to name a few).
In today's litigious society, your hard-earned assets
and income may become increasingly at risk due to potential
accidents or personal injuries on your property, or to claims of
bodily injury or property damage resulting from an automobile
accident. Homeowners and auto insurance alone may not be enough as
generous juries become more common, and multi-vehicle accidents
easily exceed the limits of a typical auto policy. A Personal
Liability Umbrella (PLU) provides the extra layer of liability
protection you may need and offers:
 |
Asset
Protection
- protects your assets from liability claimants without
restricting your control over them. |
|
Legal
Defense Coverage
-
In the event of a personal liability lawsuit for a covered claim,
legal defense is paid by the insurance company and in addition to
the policy limit. |
|
Effective and Simple Solution
– A Personal Liability Umbrella offers an economical method of
obtaining up to $5,000,000 of personal liability protection for
your assets, including your primary residence, vacation home, and
automobiles. |
|
Choice of Coverage Amount
- Select the coverage range that fits your needs, from $1,000,000
to $5,000,000. |
|
Recreational Vehicle Coverage
- The PLU extends coverage to recreational vehicles and boats. |
|
Family Protection
-
The comprehensive PLU coverage extends to your spouse and children
living at home without any additional surcharge.
|
Who needs an umbrella policy?
Like when it comes to considering purchasing any type of insurance,
be sure to evaluate what assets you want covered and what the
likelihood of you getting sued is. It may be more cost-effective to
raise your liability limits with your homeowners insurance, rather
than buying an umbrella policy. Also, by raising your deductible,
you may ultimately pay less for your premium than you had originally
been paying. No matter, with the commonality of million-dollar
settlement verdicts, an umbrella policy may be the best way to go.
For example, if
you own a swimming pool, hot tub, trampoline, swing set, or even
pets, it would be a good idea to consider getting an umbrella
policy. If you don't regularly have people over, and your pooch
couldn't hurt a fly, it may not be that important. However, if you
generally have guests over and your dog tends to snap or bite
people, then purchasing an umbrella policy might be a wise idea.
What does a personal liability umbrella policy protect?
When you buy a personal liability umbrella policy, you are buying a
broader insurance coverage range with higher liability limits.
Primary policies generally cover bodily injury and property damage,
but with personal liability umbrella policy coverage, you can
include personal injury, property damage or bodily injury-which may
be caused by you, your pets, or your dependents. Along with a
personal injury protection, you may be covered in the unfortunate
event of:
|
False arrest
|
|
False
imprisonment |
|
Defamation
|
|
Invasion of
privacy |
|
Malicious
prosecution |
|
Eviction
|
|
Wrongful entry
|
When umbrella policies go to work
After your liability insurance in your homeowners or car insurances
has run out, umbrella polices will kick in. They cover the amount
above what your homeowners or car insurance policies capped out, up
to the limit you selected. Many companies will only issue you an
umbrella policy if you have both your car and homeowners insurance
with them. Also, they may require your liability limits be at least
a certain amount. The reason that most umbrella policies are so
inexpensive is that the policy is just added protection. If you are
sued, the bulk of the cost is taken from your homeowners or car
insurance, then the rest falls on the umbrella.
|
|
|
