Umbrella Insurance


What is Umbrella Insurance?

Basically, Umbrella Insurance does exactly what you would expect of any umbrella – it provides you with coverage for you while you are under it. In our litigious society, you never know what could cause someone to sue you. Your standard policies: auto, homeowner’s etc., provide coverage within liability limits. An umbrella policy protects you from liability issues that exceed the limits of your standard policies. Umbrella Insurance provides protection when the liability coverage's are exceeded, so, you will still be protected. 


What does Umbrella Insurance cover?

Your current standard insurance policies mostly cover liability for bodily injury and property damage to others. Umbrella policies provide additional coverage, extending the limits of your standard policies, to include bodily injury and property damage, but also to cover things that are not listed under regular liability allowances. Since every policy is different, what is considered a covered liability issue under one insurance line may not be covered on another insurance policy. When situations and claims exceed the amount of liability coverage you already have, Umbrella Insurance can cover the excess liability and provide protection to you and your assets.


Why should you purchase Umbrella Insurance?

Many people think they don’t need an umbrella policy, but they are incorrect. You may not think you need an umbrella policy, however what would happen if you are liable for a multi-car accident and your auto insurance liability coverage is exceeded by tens of thousands of dollars?  Or what becomes of you and your family’s assets if you are sued and the legal costs and settlement exceed your homeowner’s policy coverage? Granted, these situations are not common, but they are also not as infrequent as we would like to believe. They do happen everyday. With an umbrella policy, you could be covered for the additional liability, thereby protecting you, your family and assets. Umbrella policies are generally issued at a relatively low cost, and will provide coverage at a level that will cover liability issues in the future. Contact ISU Insurance Services GVW & Associates today for more information on umbrella policies and get a free quote!