Cover Yourself with an Umbrella

An Umbrella Liability policy is a ‘separate’ policy that provides clients with an additional ‘layer’ of liability protection. The policy is placed ‘on top of’ your other insurance policies; hence the name ‘umbrella’.

The minimum limit for an umbrella policy is $1,000,000, and they are sold in increments of $1,000,000, with the additional limits costing approximately 60% of the first million premium.
The ‘average’ annual premium for a $1,000,000 umbrella policy to extend over your home and vehicles with 2 cars and 2 adult drivers is approximately $125. Additional vehicles, watercraft, rental dwellings, homes, drivers or recreational vehicles, will increase this premium.

This annual premium however is reduced if your home and vehicles are insured with the same company we place the umbrella. We have provided clients with an additional $1,000,000 of protection over their home and vehicles for as little as $10 ‘additional’ cost.
Please feel free to contact our agency to get additional information or have us quote an umbrella that can inexpensively protect you and your assets.

What Is Loss Assessment And Why Do I Care?

When a condo or homeowners association incurs a loss that isn’t covered by the association’s insurance policy, most bylaws stipulate that the loss be shared equally among all members. Whether the association’s policy was cancelled or simply not sufficient for a loss; you as a member can be legally responsible to pay that claim or judgment.

If an uninsured association building burns that costs $20,000 to replace and there are 40 members, the $500 is minimal; but what if a visitor is seriously injured or killed on the property’s common areas? If a judgment exceeds the master policy’s limits, you can still be assessed an equal share. If you are part of an association, we recommend that you check and see what the loss assessment limit is on your insurance policy and contact us to discuss or obtain cost information on increasing that limit to protect you.