Umbrella Insurance in Upland, CA

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Accidents and other incidents can have significant ramifications for your present and future financial security. This may be particularly true when you are to blame for other parties’ losses and damages, such as if you cause a car accident or a guest is injured while visiting your home. Given the potentially catastrophic fiscal ramifications of such situations, you may require multiple layers of insurance coverage, including the security offered by a personal umbrella policy.

What Is Personal Umbrella Insurance?

Personal umbrella insurance is a type of secondary liability coverage that can establish an additional financial safety net should other policies’ limits be exhausted. These policies, like many types of insurance, establish contracts between you and your insurance company; as long as you keep up with your premiums, you can file a claim for aid in response to covered incidents.

What Does a Personal Umbrella Policy Cover?

In many cases, an umbrella liability policy provides financial protection from incidents for which you and others listed on your policy, such as your spouse, children and pets, may be liable. This generally means you can rely on financial assistance in the wake of the following third-party losses:

• Bodily injuries—If the coverage limits of other policies, such as your homeowners insurance, are exhausted, you can submit a claim against your personal umbrella coverage to help pay for affected parties’ medical expenses and financial losses.
• Property damage—Your personal umbrella insurance may also help pay to repair or replace other parties’ property if you were at fault for damaging or destroying it and lack sufficient coverage from other forms of insurance.
• Personal injury—This part of your policy may cushion you from out-of-pocket losses and expenses if you are at fault for another party’s injuries, such as via slander, libel, invasion of privacy or causing mental anguish.

In some cases, personal umbrella insurance may even offer coverage beyond the scope of your primary liability insurance policies. For example, many personal umbrella policies may include coverage for landlord liabilities if you own and rent out residential units.

How Much Umbrella Insurance Do I Need?

When determining your personal umbrella insurance needs, consider the worst-case scenario and what kinds of financial losses you might experience. For example, if you are at fault for catastrophic losses suffered by another party, you could be in danger of forfeiting various assets, including your home. With these stakes in mind, you should secure enough coverage to protect your current assets, as well as potential future earnings as such income could be garnished.

Learn More

At Thrifty Insurance Services, we proudly serve families, homeowners and businesses in California, Arizona, Colorado, Utah and Texas. Contact us today to learn more or to get a personal umbrella insurance policy quote.