You’ve put in a lot of effort to achieve your car, home, and savings—your success. Personal umbrella coverage can help safeguard these assets against unforeseen events.
Umbrella Insurance
What is umbrella insurance?
Umbrella insurance offers extra liability coverage that goes beyond the limits of your auto and other personal liability policies. This additional protection is available in increments of $1 million, up to $10 million, and you can secure $1 million of coverage for less than $1 a day.
It’s a cost-effective way to prevent a major event from turning into a financial disaster. For perspective, the average jury award for auto accidents involving bodily injury and property damage is over $300,000, and liability awards for home accidents can be similarly high.
Here are some ways an umbrella policy can protect your financial security in the event of covered incidents:
Your son gets into a car accident.
While attending college, your 19-year-old son causes an accident that severely injures a tech company's top executives. Your auto insurance liability limits might not be sufficient to cover their medical expenses and lost income during their recovery.
Your injured guest requires ongoing care.
At a pool party you're hosting, a guest slips on your diving board and falls onto the stone-paved deck. While she will recover, she will need back surgery and ongoing rehabilitation. The expenses for this care will exceed the limits of your homeowners policy.
Your injured friend is unable to work.
Your friend trips and falls over a toy left in the hallway by your young son. She won’t be able to work for a while, and the liability limits of your homeowners insurance may not be sufficient to cover her medical expenses and other compensation.
You accidentally flood your downstairs neighbor.
You get distracted while checking the mail in your apartment building’s lobby and forget that you left your bathtub running. When you return, the tub has overflowed, flooding your downstairs neighbor’s home office. Unfortunately, renter’s insurance won’t cover all the damage to her property and business.
What does umbrella insurance include?
A standard umbrella policy offers extra liability coverage for:
- Your primary residence
- Two motorized vehicles
- Small sailboats
- Motorboats with less than 50 horsepower
You can also opt to expand your coverage to include additional motorized vehicles, secondary or vacation homes, rental properties, unlicensed recreational vehicles, jet skis and jet sleds, vacant land, and protection against uninsured or underinsured motorists.
Discover unexpected features you'll love.
Personal umbrella insurance travels with you globally and offers extra coverage that your standard policies may not cover. For example, it can assist with legal fees and damages if you're accused of slander due to a social media post.
Supplement your existing liability coverage with umbrella insurance.
An umbrella policy enhances the liability coverage of two primary policies: auto and homeowners or renters insurance. While your auto insurance may need to be with a specific provider, you can often choose any carrier for your homeowners or renters insurance.
Additional insurance options worth considering.
By adding umbrella coverage to your home and auto insurance, you’re safeguarding many of your most valuable assets.
But is everything included? You can take advantage of multiline discounts when you purchase multiple Farmers policies for various risks, such as these:
You’ve damaged your motorcycle.
Risk
You crash your motorcycle after it loses traction on a gravel road. You sustain only minor cuts and bruises, but your bike requires extensive repairs.
Coverage
Motorcycle insurance can assist you if your bike is damaged in an accident.
Your jet skis have been stolen.
Risk
While stopping for lunch on your way to the lake, someone steals the jet skis from the trailer behind your SUV.
Coverage
Personal watercraft coverage can assist you if your jet skis or other covered watercraft are stolen.
Your retail store is impacted by a storm.
Risk
A major storm severely damages your retail store, requiring a new roof.
Coverage
Business property insurance can assist when a covered disaster harms your owned structures.
Your dog requires surgery.
Risk
Your dog requires emergency surgery after ingesting something harmful.
Coverage
Pet insurance can assist when your dog or cat faces a medical emergency covered by your policy.