Personal Umbrella Insurance

All homeowners or auto insurance policies generally offer you liability insurance, and sometimes you even have a requirement to buy this coverage. Liability insurance exists to help you pay for the losses of others that are your fault and your responsibility to pay for.

However, there’s no guarantee that your standard liability insurance will pay for all of these losses. Rather than put yourself in a financial bind because of this obligation, consider enrolling in personal umbrella insurance.

Insurance Associates Inc. of the Midwest has your needs at heart when helping you develop a personal insurance portfolio that includes all of the coverage options you need. If this includes personal umbrella coverage, then we’ll help you always receive optimized protection from a policy of your choosing.

We proudly offer policies to customers in Cedar Rapids and Cascade, IA and surrounding areas.

What Can Personal Umbrella Insurance Do For You?

You buy liability insurance because you never know when you might make a mistake that harms someone else. For example, auto liability insurance pays for third-party injuries or property damage when a wreck is your fault. Homeowners liability insurance might pay if a guest in your home sustains an injury and then sues you for their medical costs.

However, these policies do have their limits, and there are times when you might face a significant claim that exceeds the terms of your policy. At this point, personal umbrella coverage can step in. It will cover liability claims above and beyond the limits of your standard liability coverage, and therefore provide a much better level of coverage for you.

A tailored umbrella policy can pay for numerous liabilities including:

• Bodily injuries
• Property damage
• Landlord liabilities
• Legal fees
• Personal injuries (e.g., libel or slander)

If a claim on your standard liability insurance policy exceeds that policy’s limits, then you can make a claim against your umbrella policy for the remaining costs. Therefore, you won’t have to pay a significant amount of money out of pocket even though your liability policy has already paid. One great perk of these policies is that one umbrella plan can apply to numerous personal liability policies you might own, including your home and auto coverage.

Please note that personal umbrella insurance does not apply to business liabilities, even if you have a home-based business. Additionally, your plan will never pay for damage to your own property. It will only pay in cases where you make mistakes that harm others.

Additional Protection for Additional Peace of Mind

Even if you have significant personal property and monetary savings, a high liability lawsuit could cause you a big financial loss.

Therefore, personal umbrella insurance will offer you considerable protection against the ramifications of these losses. The costs of these policies are well below what a qualifying umbrella liability insurance claim might be. It’s always in your best interest to carry this policy as part of your overall personal insurance portfolio.

Click here to contact an agent or request a quote now to learn more about personal umbrella insurance and what Insurance Associates Inc. of the Midwest can do for you.