Umbrella / Excess Liability
One type of insurance coverage people are often startled to discover they need is umbrella insurance coverage. Sometimes referred to as excess liability insurance this coverage, as its name implies, shields people from unexpected financial storms resulting from liability claims made against them. Umbrella policies from Phoenix Insurance Group offer broader coverage, while excess liability simply covers additional liability awards that go beyond the limits of your standard liability policy.
Why Buy Excess Liability Insurance?
You try to do everything by the book. You drive safely. You keep your house in good repair. You have insurance coverage to protect your family and your property. One bad accident, though, can change everything. Your standard liability insurance may not be adequate to cover the legal expenses and settlements or awards that happen as a result.
Why Buy Umbrella Insurance?
Your standard liability protection may not even be the right kind of coverage for the injury that occurred. What happens when your liability isn’t enough? For most people, such as yourself, your home, property, and even retirement nest egg may be taken in order to pay the judgment against you – unless you have umbrella or excess liability insurance coverage.
The bottom line is that if you own or operate a vehicle, own a home (condo, vacation property, etc.), rent a home, operate a motorcycle or ATV, own an RV, or have a boat or personal watercraft, it is beneficial to have umbrella and excess insurance coverages on these possessions beyond what your standard insurance policies offer.
What Does Excess Liability Insurance Cover?
The more possessions you have insurance for, the more ways you can be covered by your excess liability policy. These are just a few examples of the types of damages that excess liability policies pick up the excess for:
- Homeowner’s Insurance
- Auto Insurance
- Boat Insurance
- RV insurance
- ATV Insurance
- Personal Watercraft Insurance
- Condo Insurance
- Rental Insurance
This is no longer an insurance that’s only needed by the wealthy. In today’s society those of more modest means are often the target of liability lawsuits too, which means you need this additional protection now more than ever before.
The coverage offered includes important things like protection from personal liability events that take place on or off your property, legal defense costs for covered losses including lawyer fees and court costs, protection beyond the limitations of standard auto policies, and more.
Excess Liability covers different types of issues than the standard home or auto policy including:
- Defamation of Character
- Legal Expenses
- Court Fees
- Lost Wages (while appearing in court)
- False Arrest
Umbrella Insurance Coverages
Umbrella insurance typically covers the court fees, legal defense costs, and judgment awards or settlements in the following circumstances, which are not covered by a standard homeowners or auto insurance policy:
- False Arrest
- Invasion of Privacy
How Much Coverage Do You Need?
Your needs vary greatly and depend upon a wide range of mitigating factors. For instance, someone who has frequent auto accidents is a greater risk and more likely to exhaust liability limitations faster. Families who own multiple homes, ATVs, RVs, automobiles, etc. have greater risks. Even people who work in certain fields have greater liability lawsuit risks than the average citizen. That’s why it’s important to work with Phoenix Insurance Agency to determine your exact level of risk and the right coverage amount to meet your needs.
Call 908-879-6500 today to discuss your umbrella and excess liability insurance needs. We’ll work with you to come up with adequate coverage to protect your family without breaking the bank in the process.