It's no surprise that lawsuit numbers are on the rise. Chances are, you or someone you know has been involved in a liability lawsuit. From dog bites to slip-and-fall lawsuits,there are many risks you face that can leave you open to a lawsuit.
While you may believe that the liability insurance limits built in to your existing policies may be enough, it's important to take a look at what you own, and your net worth, in order to assess the amount of umbrella insurance you need. An umbrella insurance policy is one of the main ways to get the extra liability insurance necessary to protect you from financial disaster, should a lawsuit arise.
Use our independent agent matching system to find the best insurance plan in your area. You tell us what you’re looking for, and our technology will recommend the best agents for you. Any information you provide will be sent to only the agents you pick. We do not sell to third parties.
Lawsuit Statistics in the U.S.
- Over 15 million lawsuits are filed in the United States each year.
- The plaintiff wins 55 percent of tort trials in the United States.
- 80 percent of the world's lawyers live in the U.S.
- 60 percent of tort trials resulted from an auto accident.
With the shocking number of lawsuits heard in courtrooms, it's no stretch to believe that a lawsuit may happen to you. With an umbrella insurance policy in place protecting your assets and lifestyle in Washington, you can have peace of mind that a lawsuit won't put your finances down the financial drain.
What is Umbrella Insurance in Washington?
Umbrella insurance is an insurance policy that offers you extra liability insurance for the majority of your policies. It is called an "Umbrella" policy, because it covers many of the insurance policies you already hold in WA, with extra liability insurance.
Unfortunately, many people believe that their liability limits are enough to cover themselves and their assets -- and this may not be true. For example, if you're involved in an auto accident and you have a $250,000 liability limit, but the accident involved serious bodily injury to the tune of $1 million, you will be responsible for paying the extra $750,000 in medical bills. If you have a $1 million umbrella insurance policy in place, however, this $1 million policy will cover the $750,000 your auto policy didn't cover.
What Does Umbrella Insurance Cover in Washington?
Umbrella insurance can cover most policies you already hold, and can even cover some circumstances that other insurance policies don't. Below is a list of what policies and events umbrella insurance can cover:
- Homeowners insurance
- Automobile insurance
- Watersport insurance
- RV insurance
- Business insurance
Additionally, an umbrella insurance policy can offer coverage for events that may fall outside of typical insurance coverages:
- Libel: Typically, this applies to written/image related libel.
- Slander: Defamation that is verbal.
- False arrest: Unfortunately, law officials do make mistakes, and getting yourself a defense lawyer can be expensive. Umbrella insurance in WA can cover these costs.
- Invasion of privacy: Invasions of privacy can wreak havoc on your life. This insurance can help you cover the costs associated with this violation.
How Much Will an Umbrella Insurance Policy Quote Be in WA?
An umbrella insurance policy cost can vary greatly, anywhere from $200 per year to $1,000 per year for a high limit policy, such as $10 million. There are many factors that an insurance agent needs to know in order to give you an accurate quote for umbrella insurance. Make sure to be familiar with the following:
- Your net worth
- Your location
- Your credit history
- Driving records in your household
- List of members of your family, including teenagers
- Type of work you perform
- Risks you face
- Activities you participate in
- Desired policy amount
These factors, plus many more, will be used to give you an umbrella insurance policy quote that will offer you the right amount of protection for your individual situation.
Are There Discounts on Umbrella Insurance Policies in WA?
Just like many other insurance policies available, there are discounts on umbrella insurance policies in WA. When shopping online for umbrella insurance quotes, make sure to ask about available discounts, including the following:
- Multi-policy discount
- Good driver discount
- New customer discount
- Loyal customer discount
- Paid-in-full discount
- Industry/professional affiliation discount
Keep in mind that every insurance company offers different discounts, so it's important to get the most coverage at the best price. Don't be afraid to ask about discounts you are eligible for before purchasing a policy.
Get the Right Umbrella Insurance Policy for You
When you decide to start getting umbrella insurance quotes, its crucial to have a professional by your side that understands your lifestyle, risks, and your budget. A Trusted Choice® agent is always available to help you find coverages, suggest policy modifications, or even help you file a claim.