How does an “umbrella” policy work?

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You may have heard that you need an “umbrella” policy but are not sure what one is and how they work.

An umbrella policy is a nickname for an Excess Liability policy.

An Excess Liability policy adds additional liability coverage on top of your underlying property, vehicle and watercraft policies, plus provides personal liability coverage for all household family members.

It comes into play when the liability limit of your underlying policy is reached.

An umbrella policy is designed to protect you and your assets in the event of a financially ruinous event, such as a serious car accident, or a lawsuit.

Coverage is purchased in million dollar increments and limits of up to $100 million are available.

You can also add third party liability to the policy to protect your family when others are liable but lack the resources to pay for your injuries and related expenses.

Coverage can also be added if you sit on a nonprofit board of directors or employ domestics .

Call Carolyn Konecki at 619-744-0545 to determine the right amount of coverage to protect everything you have worked so hard for.