Personal Umbrella Insurance

Extend the Limits of Your Home and Auto Insurance Policies with Personal Umbrella Insurance

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Personal Umbrella Insurance in Salt Lake City

All too often, many people only think about the minimum insurance coverage they’re legally required to have by Utah state law or by a lender. So, they purchase their car and home insurance and never give it another thought. That is, until it’s time to file a claim. Then, they’re left paying anything their insurance doesn’t cover, which often totals hundreds of thousands of dollars in damages. But all of this trouble can be prevented with the help of a personal umbrella policy. At ASA Insurance, we can help you determine how much additional coverage you need for your peace of mind. Contact us today to get started.

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    What is a Personal Umbrella Policy?

    Personal umbrella policies are meant to take care of anything you owe beyond what your basic insurance policy covers and they can be instrumental in keeping people out of extreme financial stress or even bankruptcy.

    A personal umbrella insurance policy provides additional coverage in the event of a major accident. For example, it can cover the medical expenses and other costs from a car accident over what your auto insurance pays. You may have $50,000 in liability and the other party sues you for $500,000. Your auto insurance would pay up to $50,000 and you would be responsible for the remaining $450,000 – unless you have a personal umbrella policy. As you can imagine, this coverage is instrumental for most people in that situation.

    Who is this Coverage Meant For?

    A common misconception about a personal umbrella policy is that you only need it if you’re a millionaire—but this couldn’t be further from the truth! In fact, virtually anyone can benefit from this additional coverage if they have any assets. You’ll want the added protection if you own your home, have investments in CDs, stocks or bonds or retirement accounts. Ultimately, this policy protects you and your family from a major claim or lawsuit and it often means the difference between bankruptcy and solvency.

    Personal Umbrella Insurance FAQs

    What is personal umbrella insurance in Utah?
    When a policyholder has claims in excess of their regular homeowners, auto, or watercraft policy coverage, personal umbrella insurance can pick up where their other insurance left off. It is meant to offer coverage above and beyond the limits of their regular insurance so they don’t need to pay those costs out of pocket.
    Do I need personal umbrella insurance?
    A good rule of thumb for determining if you need umbrella insurance is whether the value of your assets is greater than the total of your home or auto liability insurance. That’s just a rule of thumb, however, and there are many other things to consider and factors that influence this decision.
    How much does personal umbrella insurance cost in Utah?
    Personal umbrella insurance is generally considered a very affordable type of coverage. In Utah, many people can get a policy for around $200 per year. Of course, this will depend on how much coverage you purchase and many other things.
    What is personal umbrella liability insurance?
    If the limits of your personal or auto liability policies are met, a personal umbrella liability insurance can cover the excess. For example, if you face a $500,000 liability lawsuit, but your home insurance liability policy maxes out at $300,000, your personal umbrella liability policy can cover the extra $200,000.
    Is personal umbrella insurance worth it?
    Considering how affordable most personal umbrella insurance policies can be, they are a worthy investment for most people. They offer a lot of peace of mind, as well as incredible financial protection in the event you face a costly lawsuit.

    We’re Not That Far Away!

    For all of your personal and professional insurance needs, ASA Insurance in Salt Lake City is just a phone call away! We’ve been finding personal umbrella policies for our clients across Utah since 1950, and we look forward to doing the same for you.