Connecticut Umbrella Insurance
When Your Other Liability Limits Aren’t Enough
You carry auto insurance. You have homeowners insurance. Maybe you even have coverage for your boat, rental property, or recreational vehicles.
But what happens if you’re involved in a serious accident and the costs exceed the liability limits of those policies?
That’s where umbrella insurance comes in.
A personal umbrella policy provides an additional layer of liability protection above the limits of your underlying insurance policies. It is designed to help protect your assets, savings, future earnings, and financial security when a major claim or lawsuit occurs.
Why Consider Umbrella Insurance?
Many people assume large lawsuits only happen to wealthy individuals or business owners. In reality, anyone can face a situation where damages exceed their primary insurance limits. Consider situations such as:
- A serious auto accident involving multiple vehicles
- A guest suffering a severe injury on your property
- A dog bite claim
- A boating accident
- An accident involving a rental property
- A lawsuit resulting from personal liability claims
If the damages exceed the limits of your homeowners, auto, or other liability policies, you could be responsible for the difference out of pocket.
An umbrella policy helps provide an extra layer of protection when those underlying limits have been exhausted.
What Does Umbrella Insurance Cover?
While coverage varies by carrier, umbrella insurance typically provides additional protection for:
Bodily Injury Liability
Protection when you are legally responsible for injuries to another person
Property Damage Liability
Protection when you are responsible for damage to someone else’s property.
Legal Defense Costs
Many umbrella policies help cover legal expenses associated with defending covered claims and lawsuits.
Personal Liability Exposures
Depending on the policy, coverage may extend to certain personal liability situations that are not fully addressed by underlying policies.
Who Should Consider an Umbrella Policy?
Umbrella insurance may be worth considering if you: Own a home Have significant savings or investments
- Own rental property
- Have a teenage driver in the household
- Own a boat, ATV, motorcycle, or other recreational vehicle
- Frequently host guests at your home
Even individuals who don’t consider themselves wealthy often have more assets worth protecting than they realize.
More Protection for Less Than Most People Expect
One of the reasons umbrella insurance is so popular is that it often provides a significant amount of additional liability protection for a relatively modest premium.
Many policies offer $1 million, $2 million, $5 million, or higher liability limits, helping provide peace of mind in today’s increasingly litigious environment.
Access to Multiple Insurance Companies
As an independent agency, CT Insurance Exchange works with numerous insurance carriers that offer umbrella insurance solutions. This allows us to compare options, coverage features, and pricing to help find the policy that best fits your needs.
Our team will review your current insurance program, identify potential liability gaps, and help determine the amount of umbrella coverage that makes sense for your lifestyle and assets.
Contact CT Insurance Exchange today to review your current liability coverage and learn how an umbrella policy can help protect your financial future.