What types of primary insurance policies can be supplemented with personal umbrella policies?
Personal umbrella policies can supplement a wide variety of primary insurance policies, and many personal umbrella policies are able to provide secondary coverage for multiple primary policies simultaneously.
A few types of primary policies that personal umbrella policies might provide secondary coverage for include:
- Homeowners insurance (homeowners policies, condo policies, renters policies)
- Auto insurance (car policies, motorcycle policies, RV policies)
- Recreational policies (ATV policies, boat policies)
There are still more types of primary policies that may be supplemented with extra coverage.
How much does personal umbrella insurance cost?
Even though personal umbrella policies typically offer coverage in millions of dollars, premiums for these policies tend to be quite affordable. Insurers are able to offer low premiums because these policies act as a secondary form of insurance, and claims against the policies are less likely.
Despite claims against these policies being less likely, coverage can be invaluable should a major lawsuit be filed. If legal costs and a settlement exceed a primary policy’s limits, this is one of the best forms of additional insurance protection.
What are retention limits on personal umbrella policies?
Sometimes personal umbrella policies will fill in coverage gaps that primary policies have. In these cases, personal umbrella policies will normally have a retention.
Retentions are generally self-insured amounts that a policyholder must pay out-of-pocket if there’s a claim without underlying coverage in place. Although termed differently, retentions function much like deductibles do on primary policies.
A retention may be anywhere from a few hundred dollars to tens of thousands, depending on the terms of an umbrella policy.
How can Massachusetts get a personal umbrella policy quote?
For assistance with personal umbrella coverage, contact the independent insurance agents at Northwood Insurance Agency. Our Massachusetts agents can request quotes from multiple insurance companies, and have the expertise needed to help you find the best available personal umbrella policy.