South Carolina is a wonderful place for adventures, with more than 125 beautiful golf courses, the waves of Myrtle Beach, and the world’s largest collection of American sculpture at the Brookgreen Gardens. Whether you like to hike Mount Pleasant or entertain guests in the comfort of your own backyard, a South Carolina umbrella insurance policy can keep you safe from the financial damage an accident can cause.
If you are at fault in an accident in your home, car, or elsewhere, the medical and legal expenses of a lawsuit can quickly overrun the liability coverage provided by your homeowners, car, or business insurance. You can reduce your coverage gaps with an umbrella policy. An independent insurance agent in our network can help assess your needs and provide several South Carolina umbrella insurance quotes that fit your budget. Contact an agent today to protect yourself from the financial disaster of a lawsuit.
Recent U.S. Litigation Results
- Plaintiffs won more than 56% of all general court trials
- The average median award was $28,000 dollars
- 4% of all plaintiffs won $1,000,000 dollars or more
If you cause bodily injury or property damage through your actions or negligence, you may be financially responsible for the injured person's medical expenses, legal expenses, pain and suffering, missed wages, and property repairs. You must also pay for your own legal defense, which can sometimes be equal to or higher than the settlement amount. If you do not have sufficient liability coverage through your current insurance policies, you must pay these expenses out of pocket, or by surrendering your assets and future income. An SC umbrella policy provides extra liability insurance, to protect your savings and investments from loss in a litigation settlement.
What Is Umbrella Insurance?
Many insurance policies you may already have, such as your auto policy, homeowners policy, RV policy, ATV policy and other coverage, include a certain amount of protection for liability. Liability insurance covers you for both property damage and any physical injury you may cause to another person in error or due to negligence. The amount of liability coverage typically included in your policies may only provide sufficient coverage for very minor injuries or damage, and could be woefully inadequate for major injuries or property damage. Any settlement amount above your policy liability limits would be your financial responsibility.
A South Carolina umbrella insurance policy allows you to add more liability protection with extra insurance, effectively increasing your liability limits. Some umbrella policies will also extend to include other policies that you have with a particular insurance company. This feature allows you to simultaneously extend the amount of liability protection for most if not all of your policies.
How South Carolina Umbrella Insurance Works
An umbrella insurance policy increases your overall liability coverage in two ways. First, it increases the coverage limit on existing policies. If, for example, your car insurance provides you with $50,000 liability, and you purchase a $500,000 umbrella policy, then if you are sued over a car accident, you could be covered up to $550,000. This can pay the medical expenses, repairs, damages, legal fees, and other charges outlined in your settlement. Second, it includes coverage for some accidents that other policies exclude, such as:
- False arrest
If you are at fault for any of these exclusions under your policy, South Carolina umbrella insurance may cover these situations.
Do You Need More Liability Coverage?
Additional liability insurance protection may be a good idea in the following situations:
- You are at a higher risk of accident due a particular hobby, such as hunting, ATV riding or boating.
- Your home poses increased risk of injury to guests or intruders because of a dog, pool, livestock, pond, or trampoline.
- You keep low liability coverage limits in your other policies and cannot afford to risk assets such as savings, future income, home, vehicles, and other property which might be lost in a lawsuit.
- You maintain a high standard of living, since those who are affluent are more likely to be sued.
A local independent agent can help you evaluate the risk factors in your home and lifestyle, so that you can make an informed decision about how much liability coverage is right for you.
The Cost of South Carolina Umbrella Insurance
An average umbrella insurance policy ranges between $200 and $300 annually, but your individual premium will depend on a variety of factors, including your lifestyle, the amount of coverage you choose, the personal assets you want to protect and other considerations. Most umbrella policies start at a limit of $1 million and go higher from there.
If you are at low risk of litigation, $1 million in liability coverage may be adequate. However, umbrella policies tend to get more economical as the limit grows, and you may find that you can buy a much larger amount of liability insurance for a small increase in your premium. With lawyer fees ranging between $80-$200 per hour, that extra peace of mind can be invaluable.
How to Find Discounts
You may be able to save money on your South Carolina umbrella insurance by bundling your coverage with other policies you need, such as business insurance, renters insurance, or RV insurance. An independent agent works with several insurance providers, and may help you find one that offers special combination discounts on the policies you want. Some insurers offer a percentage discount if you are 50 years of age or older. Additionally they may provide you with a discount if you have a good credit score, or if you don’t have a claims history. Some may even give a discount for a clean DMV record. A local agent can help you find the best insurance company for your lifestyle and budget.
Find the Best Umbrella Policy for You
You can find a South Carolina umbrella insurance policy by contacting an independent agent in our network. A member agent will help you assess your coverage needs, and show you custom-fit policies from multiple insurance companies. Your agent can provide you with South Carolina umbrella insurance quotes to compare, so you can find the one most suitable for your budget and risks.
Contact a nearby agent today, and get the peace of mind that comes with sufficient liability protection.