Personal Umbrella Insurance in Dalton, GA
Adding a personal umbrella policy to your insurance portfolio can be very beneficial. It can provide an extra layer of financial protection and may cover costs that exceed the liability limits of your other insurance policies. For instance, if you cause a major car accident where the costs exceed your auto insurance liability limits, or if someone takes a tumble on your property and files a lawsuit that surpasses your homeowners insurance liability coverage, your personal umbrella policy can step in and offer additional financial assistance.
What Is Personal Umbrella Insurance? 
Umbrella insurance, also known as excess insurance, may come into effect when the liability coverage provided by an underlying policy, such as auto or home insurance, reaches its limit. Sometimes, personal umbrella policies may cover claims that might not be included in underlying liability insurance, such as libel claims. A schedule of primary insurance is included in the umbrella contract, and this insurance must remain active throughout the term of the umbrella policy.
A typical umbrella insurance policy may offer coverage for the following:
- Bodily injury—Umbrella insurance can pay for medical expenses and liability claims arising from injuries to others, such as from an at-fault car accident, a guest slipping or a dog bite.
- Property damage—Umbrella insurance may provide coverage for damages or losses you cause to someone else’s property while exceeding the limits of a primary insurance policy.
- Lawsuits—If you are sued for slander, libel or defamation, umbrella insurance can cover legal costs and related expenses.
- Landlord liability—Umbrella insurance can cover liability claims for landlords, such as when a tenant sustains an injury on the property and files a lawsuit. If your landlord insurance policy reaches its coverage limit, umbrella insurance can offer additional financial assistance.
How Much Umbrella Insurance Do I Need?
An appropriate amount of umbrella insurance coverage may depend on several factors unique to your situation. These may include the following:
- Total assets (e.g., savings, investments, real estate and valuable possessions)
- Occupation
- Lifestyle
- Personal liabilities
- Existing insurance policies
While there is no one-size-fits-all answer to how much umbrella insurance coverage you need, a thorough assessment of your finances, risks and coverage needs can help you determine a suitable coverage limit to financially protect your assets and mitigate liability risks.
How To Get Personal Umbrella Insurance
Since 2005, the team at ABC Insurance Services has been assisting individuals to build the right policy for their needs. Call us today and we’ll help you get started.