Personal umbrella policies provide additional liability coverage above and beyond what is included in home or auto policies. Sometimes referred to as “excess liability,” an umbrella policy is is the best option available for comprehensive financial protection.
What you should know
- Umbrella policies are designed to protect your current assets, future earnings, and legal expenses
The main purpose of an umbrella policy is to protect your assets from an unforeseen event such as a tragic accident in which you are held responsible for damages or bodily injuries. - Your coverage limit is unique to your situation
A customized plan is determined based on the value of your assets, the risks and exposures you face, and your potential loss of future income. In most cases, personal umbrella policies have a range of coverage from $1mm up to $10mm (specialized carriers can offer as much as $100mm) It is important to work with an advisor to determine the right coverage for your situation. - An affordable investment
The typical cost of an umbrella policy is only about 5% of a family’s total insurance cost per year. It is the best value available for comprehensive financial protection.
WHAT IS TYPICALLY COVERED
- Auto accidents
- Accidents in your home
- Dog bites
- Libel/slander
- Watercraft accidents
- Legal fees
NEXT STEPS
- Contact your Cox Insurance advisor to discuss your options for adding an umbrella policy for optimum protection. If you already have an umbrella policy, you should confirm that the amount of coverage aligns with your net worth and risk factors.
- Consult with your financial advisor or wealth manager to be sure your coverage aligns with your financial portfolio.
Cox Insurance provides Home, Auto, Liability and Commercial insurance that exceeds expectations. For a personalized quote, please contact us here.
