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Umbrella Insurance
What happens when you are sued under your Auto or Home Insurance Policy and your Liability Limit is exceeded? Did you know the average court settlement in the U.S. is $264,000.00? Do you have assets at risk? What about a salary that might be garnished? Can you afford to place your financial future at risk? Don't let a judge and jury decide whether or not you are in debt the rest of your life for an accident. If you have assets to protect, you may need an Umbrella Liability Policy! What Is An Umbrella Policy?
Our Umbrella
policy is a separate liability policy that provides additional
protection over and above the personal liability coverage on a person’s
automobile policy, homeowner’s policy or other basic first dollar
personal liability policy. It
provides additional protection in two ways.
Personal Liability Exposure Can Arise From An Individual’s:
Underlying Policies:
A personal umbrella policy is eligible to be written in
the Farmers Insurance Exchange when at least one scheduled underlying
auto policy is insured in the Farmers Insurance Group of Companies,
including Foremost, except for Texas
All known personal lines exposures must be scheduled on the personal umbrella, except for known exposures that are specifically excluded by the Personal Umbrella Policy.
If any underlying policy is not insured with a Farmers
company, the required underlying insurance policy must provide similar
coverage to those that are normally covered under that type of policy
and meet the required limits
Can I Afford an Umbrella Policy? An Umbrella Policy is inexpensive- often less that $300 per year. It can provide coverage for up to one, two or even five million dollars OVER and ABOVE the liability limits of your basic homeowners and auto policies. The Basic Umbrella Premium Includes:
One owner-occupied residence *, up to two motor
vehicles (including autos, trucks, motor homes, motorcycles & licensed
recreational vehicles), all sailboats under 26 feet, all powerboats 50
horsepower (h.p.) or less, vacant land 100 acres or less * and all
self-insured retention exposures.
* rules and rates vary by state.
Due to the high liability limits and the broad
coverage provided by a Personal Umbrella policy, it is underwritten
as a separate line of business with acceptability guidelines that
may differ from the underlying policies.
There are some qualifications- and not everyone can get an Umbrella Policy. It also may not be right for you. But take a minute and contact us- we know the right questions to ask. We can help make sure you are covered properly for the future!
You may need an Umbrella policy to insure your assets if you:
Farmers Discounts for Umbrella Policies
Farmers Household Discount
– Applies to households that have all
known underlying exposures insured in a company of the Farmers
Insurance Group of Companies, including Foremost (except in CA).
Attachment Point Discount
– This is applied to the Umbrella policy
when the insured has auto liability limits of 500/500 on all motorized
vehicles (UM/UIM coverage when written must also carry limits of
500/500).
View a Copy of Farmers Personal Umbrella Brochure Get a Sample Copy of Farmers Special Personal Umbrella Policy
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 Regan Latta, L.U.T.C.F. |
