Umbrella Policy
Extra liability coverage that sits on top of your auto and home policies — typically $1M-$10M for $300-$700/year.
An umbrella policy provides additional liability coverage above and beyond what your auto, home, boat, motorcycle, and rental property policies provide. If one of those underlying policies' liability limits is exhausted by a single claim, the umbrella kicks in.
For most households, umbrella policies are wildly underpriced relative to the protection they provide. A $1 million umbrella typically costs $200-$400/year. A $5 million umbrella might run $700-$1,200/year. Compare that to the assets you're protecting.
Umbrella is most valuable in catastrophic-injury or large-property-damage scenarios: you cause a multi-car pile-up with serious injuries, your dog bites a child causing permanent disfigurement, your teen driver hits a pedestrian. In any of these, a $250k auto liability limit is gone in minutes — and after that, the plaintiff comes for your savings, your home equity, your future earnings.
Most carriers require you to carry minimum underlying limits to qualify for umbrella: 250/500/100 auto, $300k-$500k homeowners liability. Geneva can quote umbrella from multiple carriers and find one that complements your existing policies. Highly recommended for: anyone with significant savings or home equity, parents of teen drivers, dog owners, pool owners, anyone doing volunteer board work.
Related terms:Liability Coverage·Coverage
Related Geneva services:Umbrella·Auto Insurance·Home Insurance