Umbrella insurance sounds like a funny thing, who would insure an umbrella? Or that it must be one heck of an umbrella to need insurance! Well, chuckles aside, that’s not what umbrella insurance is; in fact it is really about “Personal Umbrella Liability Insurance.”
MBS Insurance Brokers provides superior products customized to your unique needs so why stop at “just enough” insurance coverage. Personal umbrella liability insurance gives you higher liability limits and provides additional coverage not found in home or auto insurance policies. Personal Umbrella Insurance is useful for:
- Supplementing Your Primary Insurance: Umbrella Insurance provides liability coverage above your limits provided by your home or auto insurance. If your liability doesn’t fully pay for the damages you’re found responsible for, a personal umbrella insurance will come into play to cover the excess.
- Filling Gaps in Your Insurance: Your home or auto insurance policy doesn’t cover everything ― disputes that involve defamation of character, libel, slander, invasion of rights, and false arrest require an extra level of “Umbrella” protection.
Who Should Get an Umbrella Insurance Policy?
Although every Albertan can benefit from the extra peace of mind an umbrella insurance policy provides, there are some people who can find this coverage particularly useful:
- Frequent travellers to the U.S., as the lawsuit rate is much higher there;
- High net-worth individuals who are most at-risk of legal action;
- People who own trampolines, pools, boats, or pets;
- Volunteers for organizations that pose a personal risk (amateur sports, clubs, etc.); and,
- Watercraft, ATV, motorcycle or snowmobile owners.
What does it Cover?
Your home insurance would likely cover you to a certain amount – but if someone falls off your trampoline and gets injured, or your pet injures someone at your house – if you are found responsible for damages in excess of your home insurance’s limits, an Umbrella Insurance policy will help you cover the shortfall. An Umbrella Policy may help you pay legal fees or even the settlement if you’re found guilty of something like defamation.
Umbrella insurance does not cover:
- intentional or criminal acts;
- damage to your personal property;
- contract disputes; and
- Umbrella Insurance is for personal use, so it will not cover anything involving your business.
Coverage depends on the company you have your policy with, but policies usually start at about $1 million of liability coverage, and goes up to around $5 million.
Contact MBS Insurance Brokers to Learn More
If you have questions about Personal Umbrella Liability Insurance, contact MBS Insurance Brokers at 780-436-7880 today to request a quote and speak someone from our Edmonton insurance company about your comprehensive options.