Don’t Get Caught Unprepared — Why Umbrella Policies Make Sense

If you have homeowners and auto insurance, or any other combination of personal insurance policies such as condo insurance, more than likely your independent insurance agent will recommend considering adding umbrella coverage as a secondary policy. Umbrella policies cover additional liability over and above what your primary policies cover. In today’s litigious environment, the liability protection they provide makes sense for many policyholders.

What does umbrella insurance cover?
Umbrella insurance will cover you if you face liability for property damage or injury to yourself or others and associated legal defense costs. The umbrella policy covers liability that exceeds the amount of your primary policies.

For example, if you have a homeowners policy that includes up to $500,000 in liability, an umbrella policy would kick in if you were at fault in an accident in which the victim was awarded more than $500,000 in damages. This is why umbrella insurance is also called excess liability insurance.

How much does umbrella insurance cost?
Besides the protection and peace of mind umbrella insurance provides, perhaps its best feature is how affordable it is. While rates vary depending on your claims history, where you live and other factors, $1 million of umbrella coverage can cost less than $200 a year (less than $17 a month).

How much umbrella coverage should you have?
This depends largely on the value of your assets, any investments, your income, and future earning potential. Your assets and income are at risk in a lawsuit. It is important to consider what kinds of risks you face as well as the value of your assets and the potential loss of income you might face in the event of an accident in which you are found liable.

If you would like to discuss whether you need an umbrella policy, call us today. We will review your current coverages and deliver several options for you to consider.

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Citizens Insurance Agency

Anderson, South Carolina
(864) 226-0354
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Lowcountry Insurance Services

Beaufort, SC
(843) 522-2020
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Correll Insurance Group of Bluffton

Bluffton, SC
(888) 668-8082
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Adams, Eaddy & Associates

Columbia, SC
(803) 254-9404
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Correll Insurance Group of Gaffney

Gaffney, SC
(864) 489-5788
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Chandler Insurance

Greenville, SC
(864) 232-1591
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Correll Insurance Group of Hilton Head

Hilton Head Island, SC
(888) 668-8082
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Correll Insurance Group of Inman

Inman, SC
(864) 472-2129
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Landrum Insurance Agency

Landrum, SC
(864) 457-3328
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United Insurance Agency

Laurens, SC
(864) 984-4548
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John T. Cook & Associates – Loris

Loris, SC
(843) 756-7460
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John T. Cook & Associates – Myrtle Beach

Myrtle Beach, SC
(843) 626-9491
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Correll Insurance Group of Rock Hill

Rock Hill, SC
(803) 324-2984
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Correll Insurance Group of Spartanburg

Spartanburg, SC
(864) 583-5445
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Correll Insurance Group of Summerville

Summerville, SC
(843) 486-8711
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Correll Insurance Group of Union

Union, SC
(864) 429-8819
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Jerome and Summey Insurance Agency

Brevard, NC
(828) 884-4161
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Cashiers Insurance Agency

Cashiers, NC
(828) 743-2209
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The Phoenix Company

Winston Salem, NC
(336) 765-9332
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Gardner Associates Insurance

Columbia, SC
(803) 978-2000
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Fields Insurance

Columbia, SC
(803) 708-3775
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Carter Glass Insurance Agency

Raleigh, NC
(919) 747-4673
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