WHAT IS UMBRELLA INSURANCE?
Umbrella insurance is excess liability coverage, above and beyond the underlying coverages from your primary Connecticut insurance policies, including auto, home, watercraft, and motorcycle, as well as all other personal insurance policies. Once the liability limits from the underlying policy are exhausted, an umbrella policy will kick in, with up to millions of dollars in additional coverage. Additionally, an umbrella policy may give your broader coverage than your home policy. For instance, while most homeowner policies do not cover libel or slander, most Connecticut umbrella policies do.
WHY CARRY UMBRELLA INSURANCE?
We live in a litigious society and lawsuits can have large judgments. If you have substantial assets (e.g., real property, investments, savings, and even future earnings) to protect, you may want to consider an umbrella policy, especially if you have young drivers in your household. Statistics show they are more likely to cause such an accident.
WHAT LIMITS AND DEDUCTIBLES OF UMBRELLA INSURANCE SHOULD I CARRY?
Like auto and home coverage, everyone’s situation is different and therefore coverage recommendations will vary. Umbrella coverage starts at $1 million and increases in million-dollar increments.