umbrella coverage kvis coe

Who Should Have An Umbrella Policy?

Everyone. Everyone that has assets to protect especially those with extraordinary hazards like swimming pools, dogs/ animals, owners of more than one property, young drivers, and kids in general. Umbrella insurance is a type of personal liability insurance that covers claims in excess of regular homeowners, auto, watercraft, or other insurance policy coverage.

Why It’s Important To Have An Umbrella Policy?

Your home and auto carrier requires certain underlying limits, for instance, $250,000 per person/ $500,000 per auto accident as an example. Umbrella Insurance Policies add additional coverage above and beyond those set limits to help protect you and your family from potential liens and/or lawsuits you’re deemed liable for.

Why Choose KVIS & Coe For Your Umbrella Insurance?

It is best to have your umbrella with the agent that controls your Home and Auto policies so all of your exposures are accounted for. KVIS & Coe agent will discuss your exposures and we will be able to provide a quote based on your underlying liability risks. Even if you have some complications, we will work with you to find the best pricing we can.

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Personal Umbrella Insurance Rate!

We offer free, comparative Personal Umbrella Insurance quotes from multiple carriers including Travelers Insurance so you can get the best possible rate. Want to see how much we can save you? Just request a quote and find out.


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Frequently Asked Questions:

Who Needs an Umbrella?

Everyone needs one since it is so easy to cause a serious injury in an accident enough to cause them to sue you for more than your basic coverage limits. This is particularly true for those who have current significant assets or income, good future potential income (i.e., law or med students), or anyone who has a large inheritance they will receive in the future. Basically, if you’re in America’s middle class or higher, you should have an umbrella policy with at least $1 million limits. Umbrella policies are commonly available in million-dollar increments ranging from $1 million to $10 million.

What Are the Major Benefits?

An umbrella policy has three major benefits: $1 million or more of additional liability coverage over and above your primary coverage, additional coverage for defense costs, and coverage for many lawsuits that primary auto or homeowners insurance does not cover (i.e., renting cars abroad, serving on nonprofit boards of directors, etc.).

What Is the Cost?

If you were to get a $1 million umbrella policy, the premium ranges from $150 to $250 per year. Each additional million dollars of coverage after that is an additional $75 per year. Umbrella policy is the best buy in the insurance business by far!

How Much Coverage Is Recommended?

We recommend buying at least $1 million of coverage. If you’re uncertain, buy $1 million more in coverage than you think you will need.

What Are the Primary Policy Requirements?

When selling an umbrella policy the agent has to make sure that the underlying automobile, home, boat, recreation vehicle, etc., liability limits meet certain minimum requirements-typically $300,000 or $500,000 per claim. If you carry only $100,000 per claim or less, you will generally need to pay a little extra, typically around $50 a year, to increase your basic liability policy coverages to the minimum required for the umbrella. If the change isn’t made, a coverage gap may exist, making you responsible for paying out of pocket on any coverage shortfall.

Can You Be Turned Down for Coverage?

Yes, you can be turned down for coverage just like any other liability policy that you can purchase. Reasons why you would be turned down are if you have a poor driving record or because of the condition of the premises of your residence (presence of trampolines, diving boards, etc.). If you are turned down, a few high-risk umbrella insurance companies may be willing to insure you for more money per year, typically a few hundred dollars extra per year.

What Policy Features Are Recommended?

You want to get an umbrella policy that covers as many of your personal life activities as possible, especially the activities that are not covered with your basic insurance. Essentially, you want an umbrella liability with the fewest exclusions. You really want to make sure you understand whether any of the activities in your life are excluded under the umbrella policy. If you discover an excluded activity, ask your agent whether they represent another umbrella insurance company that can cover any excluded activities.

Umbrella as a Rider or as a Stand-Alone Policy?

It really doesn’t matter which form of umbrella coverage you purchase, all things considered.

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