Umbrella Insurance refers to a liability insurance policy that protects the assets and future income of both people on their primary policies. It is distinguished from excess insurance in that excess coverage goes into effect only when all underlying policies are totally exhausted, while umbrella is able to “drop down” to fill coverage gaps in underlying policies.Therefore, an umbrella policy can become the primary policy “on the risk” in certain situations. The term “umbrella” refers to how the policy shields the insured’s assets more broadly than primary coverage.
Typically, an umbrella policy is pure liability coverage over and above the coverage afforded by the regular policy, and is sold in increments of one million dollars. The term “umbrella” is used because it covers liability claims from all policies underneath it, such as auto insurance and homeowners insurance policies. For example, if the insured carries an auto insurance policy with liability limits of $500,000 and a homeowners insurance policy with a limit of $300,000, then with a million dollar umbrella, the insured’s limits become in effect, $1,500,000 on an auto liability claim and $1,300,000 on a homeowners liability claim.
Umbrella insurance provides broad insurance beyond traditional home and auto. It provides additional liability coverage above the limits of homeowner’s, auto, and boat insurance policies. It can also provide coverage for claims that may be excluded by the primary policies.
In 2009, I started looking for insurance for my company, MKM farms. Scurich Insurance contacted me and I had to take it as a sign for perfect timing. Not only did I save money when I switched but I quickly learned that Scurich Insurance provides great customer service which really adds to the overall appeal of the business. Working directly with the owners is an awesome amenity as well, it just adds to the comfort of knowing things will get done.
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“I have had Scurich Insurance cover my home, vehicles, trailer and boat for so many years I can’t remember who I had last. I haven’t spent any time shopping around because due to previous experience I have been well taken care of after many incidents in my life that required assistance, attention and insurance coverage. To me that is worth any money that I might save by leaving for a less expensive company. Thank you.”
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In recent years, insurance companies have started to pass more of the financial burdens of natural disasters to policy holders. Many insurers now require mandatory hurricane deductibles in coastal areas; some have raised those deductibles from 1% or 2% to as high as 5%, raising out-of-pocket costs for policy holders. Meanwhile, many homeowners are discovering that even with these deductibles, their policies may not cover all the damage caused by a hurricane or tropical storm. “Families will have to dig deeper into their pockets,” says J. Robert Hunter, director of insurance for the Consumer Federation of America.
These developments can make an already difficult situation tougher. Following Hurricane Katrina, a far more devastating storm than Irene, many homeowners complained about waiting months for their claims to be processed, according to the non-profit group Americans for Insurance reform. Slowing down the process was disagreement over what was wind damage and what was water damage, says Susan Voss, vice-president of the National Association of Insurance Commissioners. Standard homeowners insurance typically covers damage from wind but not water; in the aftermath of a hurricane, it can be hard to tell which is which. Come to Scurich Insurance agency to get a quote on your Home Owners Insurance today to get covered.
By Quentin Fottrell | SmartMoney EG – Tue, Nov 29, 2011 8:19 PM EST
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