Insurance for Myself | Choice Insurance Agency

Any guesses?

If you said Umbrella insurance, you’d be right.

This might be the first time you are hearing about Umbrella insurance and you may think, “Sounds like something extra I probably don’t need.” “Since it’s extra, it’s probably also expensive.”

You may have also taken the name literally and imagined a larger all-encompassing insurance policy that covers all the other policies you have, like an umbrella actually.

Couple writing message on movers package box

What do you know about it?

The Basics

Unforeseen events can lead to property damage or injury for which you can be held financially responsible.
You can safeguard your finances with $1 million in umbrella coverage for little to no additional cost to your existing insurance.
Added liability coverage protects you from the dangers of potential financial fallouts, like costly lawsuits and large medical bills.
An umbrella policy adds extra liability coverage to your existing auto and home insurance policies and can be expanded to cover later investments.

Umbrella coverage is extra, in all the right ways.

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Let’s be real; we’ve all done it.

Have you ever opted out of an extra protection purchase just because it was optional?

Whether we were juggling a tight budget or didn’t see the need for the additional cost, most of us have lived to regret opting out, at least once. Maybe twice. Maybe after it was too late…

Remember the extended protection plan you could have bought with your new Smart TV? You never realized how beneficial it would have been until after the accident that broke the screen.

In hindsight, maybe the extra was worth it. It certainly would have been more cost efficient.

While tackling a mishap with an everyday piece of electronics probably won’t make or break your financial security, the principle of this scenario is important.

What if you could have bought extra protection for your home or auto policies that would have covered unexpected and very costly expenses without jeopardizing your daily finances?

We have to do it… ask that rhetorical question.

Want to take a closer look at what’s under the “Umbrella”?

An umbrella policy provides excess liability insurance that goes beyond the coverage you already carry.

It isn’t limited to home and auto; it can include motorcycle, RVs and watercrafts. It protects you from expensive situations where medical, legal, or repair costs exceed the coverage of your base policies. For example:

Your dog bites someone.

A homeowner’s policy will typically cover dog bites, but the base coverage can be exhausted because of medical bills or a lawsuit encompassing pain and suffering. Umbrella coverage kicks in when base liability has reached it maximum payout.
You have a boating accident.

Watercraft accidents can become just as costly as roadside accidents. Damages and repair bills can rapidly add up, as can medical expenses, especially if you are liable for the bills of multiple people. An umbrella policy safeguards your financial stability so that a boating or recreational accident does not also wreck your finances.
You drive into a building or other property.

It may sound crazy, but it doesn’t take much to hit a building or other bit of property. All it takes is a simple misjudgment of time and space or a reflexive reaction to danger. Your auto policy will pay for property damages, but it might not cover everything.
Someone gets hurt.

Accidental injury comes in all shapes and sizes. From playing baseball in the backyard and the ball hits someone to a slip ‘n slide (intentional or not) incident, it’s entirely possible for someone to get hurt while on your property, and you are liable. Your homeowner’s policy provides base liability for covering medical bills and such, but those can add up fast. And if a lawsuit somehow becomes a factor, base liability can vanish overnight.

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So what’s it going to cost?

Umbrella coverage comes in $1 million increments. It might seem like a big number, but medical, repair, damages, and legal fees can balloon at an alarming speed. Imagine having a cool million covering it all so your immediate paychecks don’t have to.

According to the Insurance Information Institute, “For about $150 to $300 per year you can buy a $1 million personal umbrella liability policy. The next million will cost about $75, and $50 for every million after that.”

Worried about your annual budget? Don’t.

It is possible to adjust base policy deductibles so that an added umbrella doesn’t increase your current out-of-pocket, but this could cause a crunch in the long run.

Our trusted local advisors will review your existing policies and help you decide on the right coverage to best protect your investments and financial freedom both now and in the future.

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Your Next Step

Thanks to decades in the insurance business, we know firsthand that the smartest choices made today protect your tomorrow.

Unexpected accidents and the fallout that follows can wreak financial chaos. The good news is with our experience on your side, we can reduce the chances of financial ruin. Umbrella coverage is just one tool we use to keep you safe.