When purchasing any type of insurance protection, everyone wants to focus on what is covered. But, it’s equally important to know what’s not covered so that there are no surprises. A personal umbrella liability policy covers incidents unless they are specifically excluded in the terms of the umbrella policy. In fact, it covers some situations not covered by other policies. The following is a partial list of common covered and excluded situations.
provides protection for:
- Excess liability claims above the liability limits of other policies covering bodily injury or property damage caused by you, a household family member or hazards on your property for which you are legally liable.
- Some claims that may be excluded by other liability policies including libel, slander or false arrest.
- Liability coverage for rental units you own including wrongful eviction.
- Legal costs for defense of a covered loss including lawyer fees and court costs.
common coverage exclusions:
- Personal injury to you or a relative who lives in your home.
- Liability caused by intentional action of or that was expected by the insured.
- Personal injury claims required to be covered under a workers’ compensation or similar laws.
- Liability due to business operation or business property.
- Damages resulting from holding a position as a corporate officer, board of director or government body unless the corporation or organization is not-for-profit and you are not compensated.
- Damage to property you own or take care of.
- Liability assumed under any contract or agreement.
- Liability resulting from ownership, maintenance, use, loading or unloading of boats and most recreational vehicles owned or chartered by the insured with some exceptions if a primary insurance policy is carried on the vehicle.
- Liability resulting from of ownership, maintenance, use, loading or unloading of aircraft owned or chartered by the insured.
- Damages caused by environmental contamination unless accidental.
- Liability arising out of physical or mental abuse, sexual molestation or corporal punishment.
- Liability caused directly or indirectly by war or warlike acts.
eligibility, premium & discounts
To be eligible for personal umbrella insurance, your auto, home and other policies protecting you from liability must have protection limits at certain required amounts, which can vary between insurance companies. Also, there are other qualifications that must also be met.
it’s less than you might think
You may assume that an umbrella policy is extremely expensive; however, it often costs less than you might think. An average umbrella policy with a $1 million coverage limit can cost less than $400 a year. Generalizing is difficult because there are many factors that impact the final cost, so you really should speak with us to get a quote customized for your specific situation. We do everything possible to make it simple, and the feeling of knowing deep-down that you have even better protection is invaluable.
ways to save money
In many cases you may receive a discount if your car, home or boat policy is insured by the same company. Your trusted associate always strives to find you the best combination of price and protection.
NOTE: This information is only a general description of the available coverages and is not a statement of contract. All coverages are subject to all policy provisions and applicable endorsements. Some coverage may be subject to individual insureds meeting underwriting qualifications and to availability within a state. For further information contact a Murphy Insurance Agency Associate.