Are your current liability limits enough?
Unexpected lawsuits and liability claims can quickly exceed standard liability limits. A personal umbrella policy provides extra protection to safeguard your assets and financial well-being.
Umbrella Insurance: What You Need to Know
Umbrella insurance acts as a financial safety net to help prevent a lawsuit or unexpected damages from affecting your financial well-being. It is an extra layer of liability coverage that protects you when your personal insurance policies (example: auto, home, seasonal & investment property) reach their limit.
This type of insurance is especially useful for individuals with significant assets, or potential liability risks.
Who Needs Umbrella Insurance?
Umbrella Insurance is highly beneficial for individuals who:
- Own a home, seasonal or investment property.
- Have significant savings or other valuable assets.
- Own a swimming pool, trampoline, or high-risk recreational equipment.
- Own pets that may pose liability risks.
- Operate a business or other activity that could expose you to liability lawsuits.
- Regularly hold larger gatherings at home, increasing the liability exposure.
- Own multiple vehicles who require/want a higher limit of liability.
Who Needs Umbrella Insurance?
Umbrella Insurance is highly beneficial for individuals who:
- Own a home, seasonal or investment property.
- Have significant savings or other valuable assets.
- Own a swimming pool, trampoline, or high-risk recreational equipment.
- Own pets that may pose liability risks.
- Operate a business or other activity that could expose you to liability lawsuits.
- Regularly hold larger gatherings at home, potentially increasing the risk of a lawsuit.
- Own multiple vehicles who require/want a higher limit of liability.
What Does Umbrella Insurance Cover?
Umbrella insurance can be a wise choice if you have significant assets with values or risk exposure that may exceed your liability limits. An umbrella policy extends coverage beyond the limits of your standard insurance policies, offering protection in cases such as:
May cover medical expenses, lost wages, and legal fees if someone is injured on your property or due to an accident you are held responsible for. Examples may include:
- A guest slips on an icy driveway and sues for lost work or medical costs.
- Someone is injured while using your swimming pool.
May cover for damage to someone else’s property caused by you or a covered member of your household. Examples may include:
- A motor vehicle accident that causes extensive property damage.
- A tree from your yard falls onto a neighbour’s car or home.
Protects investment property owners from liability claims by tenants or guests. Examples may include:
- A tenant sues after slipping on a poorly maintained walkway.
- If you are held responsible for a fire that originated from your investment property causing damage to other properties.
May cover legal costs related to libel, slander, or defamation lawsuits. Examples may include:
- Being sued over a social media post that damages someone’s reputation.
- Defamation claims resulting from business disputes or personal conflicts.
Civil litigation can be costly. Umbrella coverage can be crucial to cover legal expenses, even if you are not found liable.
A Johnston Meier Advisor is happy to discuss this extra protection with you.
What Does Umbrella Insurance Cover?
Umbrella insurance can be a wise choice if you have significant assets with values or risk exposure that may exceed your liability limits. An umbrella policy extends coverage beyond the limits of your standard insurance policies, offering protection in cases such as:
Bodily Injury Liability
May cover medical expenses, lost wages, and legal fees if someone is injured on your property or due to an accident you are held responsible for. Examples may include:
- A guest slips on an icy driveway and sues for lost work or medical costs.
- Someone is injured while using your swimming pool.
Property Damage Liability
May cover for damage to someone else’s property caused by you or a covered member of your household. Examples may include:
- A motor vehicle accident that causes extensive property damage.
- A tree from your yard falls onto a neighbour’s car or home.
Landlord Liability
Protects investment property owners from liability claims by tenants or guests. Examples may include:
- A tenant sues after slipping on a poorly maintained walkway.
- If you are held responsible for a fire that originated from your investment property causing damage to other properties.
Injury to Reputation
May cover legal costs related to libel, slander, or defamation lawsuits. Examples may include:
- Being sued over a social media post that damages someone’s reputation.
- Defamation claims resulting from business disputes or personal conflicts.
Legal Defense Costs
Civil litigation can be costly. Umbrella coverage can be crucial to cover legal expenses, even if you are not found liable.
While umbrella insurance may provide extensive coverage, it does not cover everything. Please discuss with your Johnston Meier Advisor.
How much coverage do you need?
Personal Umbrella liability limits may be available up to $10 Million dollars. You can choose a limit based on your assets and risk factors.
Contact Us with Questions or to Request a Quote
Let us know if you would like more information before visiting one of our locations. Someone from the closest office with the right experience will contact you to help with your questions.
Don’t worry – we won’t use your contact information for anything other than replying to your request.
Let us know if you would like more information before visiting one of our locations. Someone from the closest office with the right experience will contact you to help with your questions.
Don’t worry – we won’t use your contact information for anything other than replying to your request.
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