Personal umbrella insurance offers additional protection for liability over and above your homeowners, auto, and other insurance policies, while filling gaps in coverage. In our litigious society, umbrella liability is the new standard. Protect your assets when other coverages reach their limit.
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We recommend everyone consider a personal umbrella insurance policy. If you engage in a high-risk activity or a hobby that increases your odds of being sued — such as having a teenage driver, owning a swimming pool, or frequent entertaining — it is wise to supplement your insurance coverage with an umbrella policy.
To qualify for our personal umbrella insurance program, Bankers Insurance must also provide your home and auto insurance coverages.
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At Bankers Insurance, the client is always in control.
Standard personal liability insurance limits may not be sufficient in certain cases. Large claim judgments are becoming more commonplace. According to a recent survey by Martindale-Nolo, 16% of personal injury settlements are over $75,000. Personal umbrella insurance protects against liability that extends beyond the limits of your underlying homeowners, auto, boat, or other policies. Personal umbrella insurance is inexpensive and easy to quote.
One of the largest claims seen by our agency was for an automobile accident. The injured party required lifetime healthcare and was no longer able to work, resulting in a $2,500,000 judgment.
Homeowners includes personal liability insurance, protecting you for exposures at home and elsewhere. For example, if someone visits your home and leans on a railing which gives way, your homeowners policy would protect you. Most limits are $100,000 or $300,000, but personal umbrella liability increases those limits in $1,000,000 increments.
Think the above example would never happen? It did to our client when sued by a plumber they had hired to work on their home. A trim carpenter was fixing the stair railing at the same time and clearly not operational. The plumber leaned against the railing, fell, and sought recovery of hospital bills and lost wages from the homeowner.
Personal umbrella liability insurance goes over your auto insurance policy and offers an extra layer of protection. Just like homeowners, auto insurance policies offer only a limited amount of coverage. Once the policy limit is reached, an injured party can seek compensation from your assets such as home, auto, investments, and wage garnishment.
Homeowners policies have strict limitations on liability associated with boats and ATVs. Yet we think nothing of stepping into a vessel with a churning propeller and dragging a tube full of kids around a lake full of other people doing the same thing. Be sure to review our boat insurance page. And when you apply for personal umbrella liability insurance, tell your agent about any boat, personal watercraft, or ATV policies you have so the umbrella policy will be written to extend over them.
Other exposures to consider when applying for a personal umbrella liability insurance policy:
Personal Umbrella Insurance is very affordable, probably the least expensive insurance you will ever buy. Thankfully, it is also easy to apply. The cost depends on the risk. Some of the items that can affect cost are:
Anyone can be an order-taker. Bankers Insurance is different.
We don’t expect clients to be personal umbrella insurance experts. Take advantage of our experience. We can explain options and help you determine coverage that suits your needs.
As your insurance agent, we strive to know you. Only then can we suggest coverage that fits. We look for coverage gaps and offer protection. With us, you get the benefit of:
Each of our clients is assigned a specific insurance agent in our office and provided a phone number that rings on their desk. And each agent has a backup in case they are out for any reason. Though any one of our agents can help, nothing beats speaking with the person familiar with your account.
Bankers Insurance is local. Our agents live in the neighborhood. No one enjoys talking to a call center or exchanging email when in urgent need of service or if a claim arises.
We serve our clients with dignity and respect.
Want to pay for your personal umbrella insurance directly to the company? Monthly? By credit card? We can find a billing option that suits you.
Product and service are important, but with Bankers Insurance you also get low pricing. Our insurance companies compete for your business, resulting in low prices for you.
We primarily represent “A” rated insurance carriers, verified by AM Best. Our personal umbrella insurance products are designed to meet a variety of needs. We tailor insurance coverages to you.
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