The umbrella policy is exactly what it sounds like: It is a covering of liability protection that not only extends over and above your current auto & home insurance liability limits, but will fill in the cracks in between.
Many umbrella policies will allow additional uninsured and underinsured motorist bodily injury protection to be extended beyond the auto insurance limits. Unfortunately, all accidents are not little fender benders and many cause huge financial and personal losses.
So who needs an umbrella insurance policy in Gilbert AZ? The answer is anyone who wishes to protect their assets, lifestyle, and future earning potential from a lawsuit. The economic conditions, combined with the already litigious society we live in today, should cause any Gilbert citizen to pause and consider their overall liability protection.
A common umbrella policy starts with one million dollars in coverage and can be increased by million dollar increments. Factor in your assets and future earning potential to determine your number. While one million is a good start, many consumers opt for two million to protect even further.
Umbrella policies can be very affordable, although your household dynamics can drive this premium higher. A consumer who owns three rental homes, four cars, and has three teenage drivers, can expect to pay a higher premium than the empty nester with one home and two cars. Also taken into account for determining premiums are driving records and recreational vehicles. Umbrella policies are often endorsed on to an existing auto or home policy, and can also be purchased as a standalone policy.
Your auto and homeowners insurance liability limits must be at a certain level before a umbrella policy will be considered. Commonly $250,000/$500,000/$100,000 BIPD on the auto policy, and $300,000 liabilty on your home policy. Check out onecalltenquotes.com to compare rates.
To protect what is yours, and bring yourself some peace of mind, consider an umbrella policy today.