Umbrella Coverage

Many people have some type of personal lines insurance (e.g., home, auto, watercraft). These policies are in place to protect you from legal and financial responsibility if you’re found responsible for causing bodily harm or property damage to a third party. But if the damages exceed the liability limits set by your existing policies, you could be on the hook for costly out-of-pocket expenses (e.g., legal fees, medical bills). Personal umbrella insurance protects you from financial hardship in these scenarios.

Get the peace of mind you deserve. Contact P3 Insurance Solutions in Memphis, Tennessee, to learn more about our full range of coverage solutions.

What Is Personal Umbrella Insurance?

Personal umbrella insurance provides an extra layer of protection on top of your existing policies. It kicks in if a claim or judgment surpasses the liability limits set by your current policies, protecting you financially. A typical policy will have a $1 million limit, but higher limits may also be available.

How Does Personal Umbrella Insurance Work?

Similar to your existing insurance policies, personal umbrella insurance is a legally binding contract between you and your insurer. In exchange for your monthly premium, your insurance company will pay for costs arising from covered losses.

Although individual policies may vary, here are some of the benefits commonly included in a personal umbrella policy:

·       Personal injury coverage may pay for costs associated with allegations of slander, libel, defamation and humiliation, among others.

·       Bodily injury coverage may pay for lost wages, medical expenses and funeral costs if you’re deemed responsible for causing physical harm to a third party.

·       Property damage coverage may pay to repair or replace someone’s property if you’ve damaged it (e.g., car crash).

·       Legal fees may pay for litigation costs associated with lawsuits accusing you or your family of causing bodily injury or property damage.

Unlike many other insurance policies, a personal umbrella policy protects you and your family—including family members living in your home or other dependents—from liability.

How Much Umbrella Insurance Do I Need?

The amount of umbrella insurance you need will vary. When selecting a policy, you should consider what you stand to lose in a worst-case scenario—including your net worth, the value of your assets and potential future income loss—and adjust your policy limits accordingly.

How Do I Buy Umbrella Insurance?

Finding the right insurance policy can be difficult. That’s why we’re here. Our insurance agents can help you find the protection you deserve. Call P3 Insurance Solutions to learn more about our personal umbrella insurance coverage.