When it comes to protecting your assets, standard Auto and Homeowners insurance policies only go so far. That’s where an Umbrella Policy comes in.
An Umbrella Policy provides extra Liability Coverage beyond the limits of your regular insurance. It kicks in when the damages or legal costs from an accident or lawsuit exceed what your Home, Auto, or other insurance policies will cover.
Here’s how it works:
Imagine you're at fault in a car accident, and the injured party sues you for $500,000. If your Auto insurance only provides $300,000 in Liability Coverage, an Umbrella Policy could cover the remaining $200,000 so you don’t have to pay out of pocket.
What does it cover?
An Umbrella Policy might pay for:
- Bodily Injury Liability
- Property Damage Liability
- Certain legal defense costs
- Personal Liability claims (like libel, slander, or invasion of privacy)
What types of claims would fall under Umbrella policies?
Any number of situations could fall under an Umbrella Policy. Some examples:
- You are responsible for a serious car accident or an accident with multiple cars.
- Your dog bites someone or another animal.
- A child is hurt on your property.
- Someone is injured in your home.
Umbrella insurance can be like a financial safety net. You hope you never need it, but if you do, it can help protect you from major losses. We recommend talking to your independent insurance agent to see if it’s a smart addition to your coverage plan.
This summary represents an outline of coverage available from the member companies of the Utica National Insurance Group. No coverage is provided by this summary. All coverages are individually underwritten. Coverage availability, terms, and conditions are dictated by the policy and may vary by state. In the event of a loss, the terms of the policy issued will determine the coverage provided.
This information and any attachments or links are provided solely as an insurance risk management tool. They are derived from information believed to be accurate. Utica Mutual Insurance Company and the other member insurance companies of the Utica National Insurance Group (“Utica National”) are not providing legal advice or any other professional services. Utica National shall have no liability to any person or entity with respect to any loss or damages alleged to have been caused, directly or indirectly, by the use of the information provided. You are encouraged to consult an attorney or other professional for advice on these issues.
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