An excess liability policy provides $1,000,000 increments of liability protection for you and your resident family (or your business, if it's a commercial excess policy).
If you should be the subject of a major lawsuit, the umbrella policy will provide additional defense and protection for judgments once your primary, or underlying liability limits have been exhausted.
The "underlying limits" shown below refer to levels of coverage required of your existing (personal) policies, before an umbrella takes over the defense expenses or jugments.
In addition, since many umbrella policies provide broader coverage than your primary policies, they may cover gaps that exist in your primary policies, subject to a small retention (deductible), usually $500 or $1,000.
Automobile
Underlying required:
Bodily Injury limits $250,000 / 500,000;
Property damage at $100,000
|
Watercraft
Underlying required:
$300,000
|
Home/Personal
Underlying required:
$300,000
|
Umbrella
The cost of an umbrella policy generally ranges between $150 and $250 per year for first $1,000,000, depending on your personal situation.
|
Personal Umbrella Coverage
Commercial Umbrella Coverage