Umbrella Insurance - Marion, Iowa Insurance Company

Who needs umbrella insurance?

If you have assets and savings you want to protect beyond the maximum liability coverage you're able to purchase via your home or vehicle insurance, umbrella insurance can protect your assets up to $5 million or more, depending on the insurer. For example, since some homeowners insurers don't offer liability coverage beyond $500,000, you may need umbrella insurance to protect your assets from personal liability claims if your net worth exceeds $500,000. Otherwise, your assets will only be protected up the amount on your existing policy, and a costly accident could result in you losing what you've worked hard for.

How does umbrella insurance work?

Umbrella insurance works as a secondary layer of liability protection in addition to your personal liability coverage and other vehicle liability insurance coverage. It helps protect your assets from liability claims made against you that exceed your liability limits.

Do I need an umbrella policy?

To determine if you need an umbrella policy, calculate your net worth and find out your current liability limits. If your net worth exceeds your liability limits, ask us if we can assist in increasing your coverage. If the maximum liability coverage you can get via your vehicle and homeowners policies is still less than your net worth, you'd need umbrella insurance to cover all of your assets. Please note, that while umbrella insurance can provide helpful coverage, it's not required by law.

How much does umbrella insurance cost?

Umbrella insurance can be affordable, especially considering the small premium you pay for the broad protection you receive. Typically, an umbrella policy costs around a few hundred dollars per year for $1 million of coverage, depending on the insurer. Your umbrella policy also applies to family members in your household.

If we can answer any other questions regarding this coverage, please contact us!