Auto Insurance
What is an Insurance Declarations Page?
A declarations page, also sometimes referred to as a “dec page,” is a page from your insurance policy that sums up your policy coverage.
Specialty Insurance
Umbrella Insurance 101
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Umbrella insurance goes beyond your normal limits of liability to protect you and your family in the event of a sudden and serious situation. Relatively cheap, umbrella policies can offer additional coverage for things like injuries to others, legal fees and litigation, excessive property damage, and other personal liability situations.
Just like an actual umbrella that provides protection against rainy days, an umbrella policy is designed to provide additional coverage for large liability claims that your underlying insurance policies (home, auto, boat, motorcycle, etc.) won’t cover. It sits on top of all of the things you insure as an added layer of protection, like an umbrella.
Before you can qualify for an umbrella policy, insurance carriers usually require a certain level of underlying coverage on your primary policies. Typically, homeowners should maintain a minimum of $300,000 in liability coverage on their home insurance policy, while auto insurance policies should carry $250,000 for bodily injury per person and $500,000 per accident, along with $100,000 for property damage. These thresholds can vary by insurer and line of business being covered, so it's important to confirm with your insurance provider what the specific requirements are to be eligible for umbrella insurance coverage.
Imagine if a family friend comes to your home and is injured, they (or their medical insurance company) may deem you to be responsible for their injuries since it occurred on your property. The average homeowner only carries $300,000 in liability coverage under their home policy. If you’re sued and the settlement is over $300,000, you’re responsible for covering anything above that amount out of your own pocket.
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A declarations page, also sometimes referred to as a “dec page,” is a page from your insurance policy that sums up your policy coverage.
You may also need an umbrella policy to protect your family against “rainy day situations.” Rather than having to cover any excess claim payout out of your own pocket, you’re able to use your umbrella policy to cover any losses above and beyond your normal homeowner’s liability limit. Even an entry-level umbrella policy will provide up to $1 million in coverage.
Premises Only Umbrellas give additional liability protection for just your home or rental property, but they do not extend to your car or other assets like a standard umbrella policy does. In order for your umbrella to cover any liability claims involving your car insurance, you typically have to carry at least $250,000 in liability coverage to cover any damage you cause to someone else. Insurance companies want to make sure their clients have a solid foundation of coverage to use in the event of a claim so that an umbrella only has to be used for especially serious claims.
There are different types of liability claims that are covered under an umbrella policy:
Your umbrella can also cover you for other types of liability if you’re sued for slander (defamation through a spoken word), libel (defamation through written word), and false arrest, detention, or imprisonment.
An umbrella policy does not provide coverage for the basic parts of your homeowners policy, like the cost to repair or rebuild your home, the cost to repair or replace your personal belongings, and any damages that result from criminal or intentional acts to others. Additionally, it does not cover medical expenses for your own family since you’re covered under your health insurance.
Nobody ever plans to cause a serious accident or be sued, but there are times where life can be unexpected. An umbrella policy is an effective way to protect your household in the event of a serious situation. Whether you have several large assets (e.g., rental properties, boats) or only have the essentials, you can still benefit from an umbrella policy to protect your current and future wealth.
Most umbrella policies give you an additional $1 million in liability coverage and can go as high as $10 million in coverage. The average umbrella policy costs between $150 to $300 per year depending on the amount of risk you carry and other underwriting factors. Speak with your insurance agent to discuss your options regarding an umbrella policy.
The contents of this article are meant as general information to help you understand personal lines insurance and not specific to a particular policy. Policies, coverages and discounts can vary by state and insurance carrier. To understand your coverage, you should speak directly with a licensed insurance agent or read your full policy contract. Call your agent or contact us at (833) 779-4090.
Navigating the world of personal property insurance can be overwhelming. How much insurance you really need depends on what assets you lease or own. At the very least, if you own or lease a car, you’ll need car insurance, and if you own a home, you’ll need homeowners insurance. Any other policies you may need to consider above those two are based on your location, assets, lifestyle, and risk tolerance. This guide will walk you through key types of insurance, helping you make informed decisions based on your circumstances.