Information You Will Need When Purchasing an Umbrella Policy:
- First Name, Birth Date, Sex, Marital Status, Years Licensed, State Licensed, and Occupation of all drivers in your household.
- Violation and Accident information for the last 5 years of all drivers in your household.
- All the property you own including: Home, Auto, Watercraft, Recreational Vehicles (RV's), Rental Units, Land, and Motorcycles.
- Information about your current insurance company including: Expiration Dates and Losses and Claims in the past 5 years.
- The liability limit you are requesting which is typically 1-5 million.
Questions Typically Asked by the Insurance Agent When Purchasing an Umbrella Policy:
- Besides your auto, do you own any other motorized vehicles like motorcycles or mopeds?
- Do any drivers in your household have mental or physical impairments?
- Are you in the farming business?
- Do you have any employees at your residence?
- Are you caring for any property that is not your own and it exceeds $1,000?
- Are there any business activities conducted at your home or in any property that you own?
- Do you have any non-owned business or professional endorsements on your current insurance policies?
- Do any of your current insurance policies have reduced liability limits or exclude coverage for specific events?
- Within the last 5 years, have you been denied insurance coverage or been canceled or not renewed?
- Are there any drivers on your current insurance policies under the age of 25?
- Do you own, lease, or charter an aircraft?
- Do you use your property, vehicles, watercraft, or aircraft for business?
- Do you have any vehicles, watercraft, aircraft, or property that is owned, hired, leased or used on a regular basis that is not covered by insurance?
Today, lawsuits are everywhere. Lawyers are awarding larger amounts of money than ever. Homeowners, auto, and watercraft policies have a limit on liability insurance. If an unfortunate accident should happen that is your fault, do you have enough liability insurance from your current policies to cover your costs for negligence? Since no one can predict how much a judge may award the injured person, umbrella insurance is not just for the wealthy anymore, but a needed protection for every policyholder.
Umbrella insurance is designed to give one added liability protection above and beyond the limits on homeowners, auto, and watercraft personal insurance policies. With an umbrella policy, depending on the insurance company, one can add an additional 1-5 million in liability protection. This protection is designed to "kick-in" when the liability on other current policies has been exhausted.
Liability insurance is the portion of a homeowners or auto policy that pays for expenses such as the injured persons medical bills, rehabilitative therapy, and lost wages due to the negligence of the at fault person. The liability portion of an insurance policy also covers a legal defense representative if the negligence would happen to land the at fault person in the court room. After adding up all of the medical expenses for the injured and the legal fees of the negligent person, the standard liability in one's homeowners or auto policy is often not enough. Almost every state has financial responsibility laws that will hold drivers accountable for bodily injury and property damage resulting from car accidents and the at fault driver could be sued for the damage. Personal assets from the at fault driver could be seized resulting from a lawsuit. Similar laws are also in force for home and watercraft owners.
There is good news. A personal liability umbrella insurance policy can give one added liability protection without a large added cost. Additional liability insurance is often inexpensive, especially compared to the added coverage one gains. Furthermore, liability insurance covers one's non-business activities anywhere in the world. Having the added protection of a liability umbrella policy is coverage no one should go without.
Umbrella insurance can give you additional liability protection above and beyond your current insurance. Below is a list of questions typically asked and information you will need to gather in order to complete an umbrella insurance quote with your chosen insurance agent. If you have not yet read Why Every Policyholder Needs Umbrella Insurance you will want to do that first to determine your need for umbrella insurance.
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