At The Kastendike Insurance Group, our insurance agents always have the client’s best interest in mind when recommending insurance products. For instance, auto and homeowners insurance policies only provide you and your family limited amounts of liability and property damage. However, it may be beneficial to add extended coverage to your policy for greater peace of mind.
What Is a Personal Umbrella Policy?
A personal umbrella policy (PUP) goes above and beyond standard home and auto insurance policies. Sometimes also referred to as personal liability insurance, personal umbrella policies act as a safeguard in case injuries or damages exceed liability limits of other policies.
To determine whether or not this type of policy is necessary, Kastendike Insurance Group considers the following information:
- How many family members live in your household?
- How much does your home cost?
- How many cars or boats do you own?
- How many homes do you own?
- What is the overall value of your assets?
What Does Umbrella Insurance Cover?
Umbrella insurance covers you and household members against:
- Personal injury lawsuits
- Damage to other individuals’ property
- Defamation claims
- Other incidents depending on your policy
While other types of personal insurance coverages pay out damages and costs up to the liability limit, a personal umbrella insurance will generally cover associated legal fees that go above those limits.
Umbrella insurance won’t cover your own injuries or property damage, which is why it’s vital to have traditional personal insurance policies in place.
How Much Personal Umbrella Insurance Coverage Is Appropriate?
The insurance agents at Kastendike Insurance Group often advise clients to carry enough of a personal umbrella insurance policy to cover their net worth. One way to calculate that amount is to calculate the value of your assets (including property value and money in savings and investment accounts). By looking at your existing liability insurance coverages, Kastendike Insurance Group can help you calculate how much of an umbrella policy to buy to make up the difference.
Is a Personal Umbrella Policy Right for You?
The Kastendike Insurance Group realizes that every customer will have unique needs. We’re here to listen to your needs and answer any questions about personal umbrella policies. Call us today at 443-501-9388.