Insurance is about accounting for life’s risks. While we work to be prepared in the face of more common risks, there are some losses that go beyond what a typical personal insurance policy might cover.
A personal umbrella Insurance policy can help make your personal insurance coverage airtight. It’s a broader form of coverage that accounts for common limits and exclusions on your New York homeowners or auto policies.
So, you already have solid New York personal insurance policies, why look into personal umbrella insurance? There are a few reasons:
In the face of a very serious accident, a New York auto policy may not offer enough liability coverage. Typically, the highest limit on liability coverage is $500,000, but you may be sued for more than that depending on damages. Personal umbrella coverage offers limits up to a $1,000,000.
New York homeowners and auto policies all have coverage exclusions and limitations. If you have a high net worth and a loss occurs that’s more than your policy’s limit, you and your family could take a big hit. A personal umbrella Insurance policy can offer less exclusions and limitations, providing for a broader level of coverage.
Often a personal umbrella insurance policy is not only a higher level of coverage, it’s also more cost-effective. Monthly premiums are in the low $100’s, while coverages range in the millions.
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