Personal Umbrella Insurance – An Extra Safety Net for Large Costs
Do you desire extra coverage that goes beyond your current home and auto policies limits? Do you want to be protected against personal lawsuits that could bankrupt you? If so, Personal Umbrella Insurance is something you should consider!
Personal Umbrella Insurance offers coverage in million-dollar increments, enabling you to deal with unexpectedly high costs that your regular home and auto insurance do not meet. It kicks in once you reach your standard policies’ limits. For example, your current auto insurance may cover another driver’s medical bills up to $200,000. Still, if the actual expenses are much more, Personal Umbrella Insurance can help cover the difference.
PUI generally extends coverage to other members of your household (like a spouse, children, relatives living with you). However, it may not do so if a household member has auto/property insurance in their name.
Personal Umbrella Insurance Coverage
What is Covered
- Bodily injuries: All medical expenses (resulting from harm caused to others) over your current policy’s limit.
- Items not covered under home/auto policies: Like a rented recreational vehicle (not covered under your auto policy) that injures another person.
- Libel/slander: If you or a household member is sued for defamatory comments.
- Property damage: Above your current policy’s limits.
What is Not Covered
- Damage to your property: PUI generally helps you pay for damages to someone else’s property – if you intentionally or unintentionally damage your property, these damages would be excluded from PUI coverage.
- Business losses: As this policy is limited to personal damages, commercial losses are not covered, even if you run a home-based business. Consequently, commercial lawsuits are also not covered.
- Contractual liabilities: PUI coverage does not extend to suits regarding contract disputes, oral or written, even if it involves personal property.
Personal Umbrella Insurance vs. Excess Liability
Umbrella Insurance and Excess Liability Insurance are two different types of coverage. In a nutshell, PUI extends the range of liabilities you can be protected against, while Excess Liability merely adds extra monetary coverage to your underlying policy (keeping the same risks and exclusions).
Trying to decide which type of coverage suits your property and home the best? Contact us today at 516.358.3612 or email@example.com to see how we can help!