Compare Umbrella Insurance

Umbrella Insurance – Compare and Save

If you are considering the purchase of additional liability insurance, you may be wondering how to compare umbrella insurance policies from more than one company. How can you determine if you’re getting the best value? Perhaps you’ve gained more assets or you just want peace of mind that you are covered in the event of a large claim. Make sure you do a comparison of a few umbrella insurance policies before you make a decision, as rates can vary considerably from one company to another.

If you need help comparing umbrella insurance policies, an independent agent in the Trusted Choice® network can help. A local member agent can compare policies, options and quotes from several companies and help you make an educated choice on the best plan for you.

The Trusted Choice brand is built on the customer focused integrity of more than 300,000 business owners, agents and employees nationwide. With more local insurance agents than State Farm and GEICO, this network of agencies serves more consumers and pays out more claims

compare chart of the different insurance brands

Benefits of Umbrella Insurance

There are several benefits you can enjoy if you carry umbrella insurance. For example, you may have $1 million or more in additional liability coverage with an umbrella policy. You may also gain coverage for circumstances excluded under normal auto and home policies.

The value of added security that an umbrella policy can provide you is significant, especially if you are involved in a lawsuit. You probably have liability coverage from other insurance policies, like auto or homeowners, but an umbrella policy can further protect your assets in case you reach the limits of the liability coverage you already hold.

How Do You Compare Umbrella Insurance Policies?

Before you start conducting an umbrella insurance comparison, look at the policies you already own and the current liability limits on those policies. Because umbrella insurance provides coverage once those limits are met, it's a good idea to become aware of your liability limits.

Keep the following overarching ideas in mind when you compare umbrella insurance:

  • Look for a policy that includes liability coverage for incidents related to as many of your personal activities as possible. If coverage is excluded for things you enjoy – such as snowmobiling – you aren’t adequately protected.
  • Read the fine print. Make sure you understand how you can be held liable and what your policy will cover.
  • Research the insurance company. It should be financially sound and have A+ or A++ ratings by an independent rating company such as A.M. Best. The more secure your insurance company is, the more secure your coverage will be.

Working with an independent agent in the Trusted Choice network will simplify the process of comparing umbrella insurance policies. Your agent can compare highly rated companies for you, and provide multiple options for you to review.

Umbrella Insurance Comparison Differences

You will find a number of differences between policies when you compare umbrella insurance. These are some of the most common differences you will find:

  • Pre-existing liability: Some insurance companies require that you already have an underlying liability policy in place, for example within your homeowners, renters or auto policy. A few companies are willing to provide stand-alone policies.
  • Coverage worldwide: Some policies will only include coverage for incidents that occur here in the U.S., while others will cover incidents worldwide.
  • 30-day notification: When you have an immediate coverage need – for example, if you are buying a new vehicle – note that some policies have a 30-day gap before you have coverage.
  • Libel coverage: Some umbrella insurance policies will cover libel, false arrest and slander, while others may not.

Consider your risks and compare the various aspects of each policy to make sure the liability risks you may encounter are covered.

How Much Does a Policy Cost?

Umbrella coverage is considered extremely affordable by most people, given the excellent coverage you get for potentially astronomical property damage or bodily injury costs. For example, for a coverage amount of $1 million you can typically expect to pay from $200 to $350 per year. For each additional million dollars in coverage you add to your policy, your premium may be an additional $75 to $100. If you are working with a Trusted Choice member agent, be sure to ask whether discounts are available for multiple policies.

Comparing Umbrella Policy Limits

When you are comparing umbrella insurance, another consideration is the limit you can set on your policy. You may be satisfied with a $1 million or $2 million policy limit. However, if you have a high net worth and want the best possible protection, you may want to set a higher limit on your umbrella insurance.

Many insurance companies only offer limits up to $2 million. If you have sizeable assets to protect, your umbrella insurance comparison should include a review of companies with higher limits, for example up to $5 million worth of coverage.

Choosing the Right Policy

Finding the best coverage for you at a price you can afford can take some time and research. To save time and reduce stress, consult with an independent agent in the Trusted Choice network who can compare quotes from multiple insurance companies and help you make an informed decision. By working with a professional devoted to serving your needs, you will feel more confident that you made the right choice. Find a local member agent today.

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