How can I buy a personal umbrella insurance policy?


Personal umbrella insurance is for those whose basic insurance policies do not provide adequate liability protection, and those who fear that they might lose some of their personal assets if liability claims are filed against them. A personal umbrella insurance policy acts as an extra layer of liability insurance covering what one's homeowners, car or other type of insurance doesn't.

Buying a Personal Umbrella Insurance Policy - Step By Step

  • First things first, you should do some online research and shop around, comparing different quotes. Don't just jump at the first offer you come across!
  • Be sure to compare insurance providers according to their rating, financial strength and record. Having a reliable and financially sound insurance provider is just as important as finding a good personal umbrella policy.
  • Figure out whether you will need to hire an insurance agent before contacting the insurance company. If you do, make sure you pick one who has the necessary certificates and experience. An insurance agent with a solid expertise can be very beneficial in your search for a good umbrella policy provider.
  • In order to get a personal umbrella insurance policy quote, you will have to answer certain standard questions about you and the coverage you wish to purchase.
  • Umbrella policies are usually inexpensive - $1 million of coverage costs $100-$200 a year, so price should not be your major determinant when selecting the right policy for you. Make sure that the umbrella policy you buy, covers all the 'gaps' of your primary policies.

How to Complete an Umbrella Policy Quote

To calculate your umbrella policy premiums, insurance companies need to know more about you. The following information will be required from you upfront:

  • Personal information, such as name, age, occupation, etc.
  • Information about all the vehicles you own and all the drivers in the household, including their driving history.
  • Information about all the property you own.
  • Information about your current insurance policies, and any claims in the past five years.
  • Your coverage preferences - anywhere between $1 and $5 million.
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