WHY YOU NEED UMBRELLA PROTECTION

In today's culture, lawsuits are common and it's a real possibility you will be sued if you're ever found at fault in a major auto accident, a serious mishap on your property or an accident halfway across the world.

Example: After a fatal auto accident, you're sued and found liable for $2 million. If your auto liability policy only covers $250,000, you're personally on the hook for a staggering $1.75 million.

How a Personal Umbrella Policy Works

PUPs are typically available in increments of $1 million, all the way up to $5 million. When considering the right amount for your PUP, it's important to think beyond just your banking or investment assets. Your PUP should include enough protection for all your assets, including your home, valuables and earning capacity, too. Your agent can help you determine the right amount of coverage for you.

Example: When you reach your coverage limit, your PUP coverage kicks in.

Covered by your PUP: $1,000,000

Covered by your auto or homeowners policy: $300,000

Total Coverage: $1,300,000

What You Need to Get Protected

In order to purchase a Personal Umbrella Policy, you must have an auto or property insurance policy with that meets the required limits. Below are the minimum coverage limits required for auto and property insurance, as well as other policies such as motorcycle, boat and motor home.

Minimum Coverage Needed Before You Can Purchase PUP

PRIMARY AND SECONDARY RESIDENCES

  • $300,000 per occurrence

RESIDENTIAL RENTAL PROPERTY

  • $300,000 per occurrence

AUTOMOBILES AND MOTOR HOMES

  • $250,000 each person
  • $500,000 each accident or $500,000 combined single limit

RECREATIONAL VEHICLES

  • $100,000 each person
  • $300,000 each accident or $300,000 combined single limit

WATERCRAFT

  • Varies by size and type

PERSONAL WATERCRAFT

  • $100,000 each person
  • $300,000 each occurrence or $300,000 combined single limit

MOTORCYCLE

  • $100,000 each person
  • $300,000 each occurrence or $300,000 combined single limit

 

The Umbrella Advantage

  • You're protected no matter where you are — even when you're out of the country
  • You're covered for any wages lost due to a court appearance, up to the limits specified in your PUP
  • The insurance company will retain and pay for your attorney if you're sued over an incident covered by your PUP

IS A PUP RIGHT FOR YOU?

If your household has a high net worth or if your lifestyle involves increased risk for accidents, you might want to consider adding a PUP. Typical PUP customers are people:

  • With children
  • With dogs
  • Who travel
  • With toys — boat, ATV, snowmobile and more
  • With a swimming pool or trampoline
  • Who own rental properties
  • With a large nest egg
  • Who coach youth sports teams
  • Who hunt

Let an Armstrong Insurance Agent go over your entire insurance policies with you to make sure that you are adequately protected!