A well-designed portfolio of primary insurance policies can provide robust protections, but there is a limit to how much coverage primary policies are able to afford. Even with several policies in place, people may still have gaps in their coverage or want higher limits than they can select. Residents of Massachusetts who want more coverage than their primary policies will afford may need to consider getting a personal umbrella policy.
Personal umbrella insurance is a supplemental form of liability insurance. Being a secondary insurance, it provides additional coverage beyond that offered by underlying, primary policies. A single personal umbrella policy may supplement several underlying policies, and it might both fill in coverage gaps and extend limits.
Anyone in Massachusetts may benefit from the additional protections that a personal umbrella policy offers, but there are a couple of situations where a policy can be particularly helpful. First, wealthy residents may want a policy, because they could be the target of an opportunistic lawsuit. Second, anyone who is at an increased risk of facing a liability suit may benefit from umbrella coverage.
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These are only a few examples of people who might want this type of coverage. Anyone who would feel better with a little extra protection may want to consider getting personal umbrella coverage.
As is the case with most insurance policies, many factors affect how much personal umbrella insurance costs. A person’s location, the activities they participate in, and the amount of protection they select all play a role, as do many other considerations. A stay-at-home parent in Worcester, MA who doesn’t participate in high-risk sports, for instance, will probably have different premiums than someone who commutes 60 miles via motorcycle into Boston, MA each day while being an avid boater in their free time.
Despite the variances in rates, however, personal umbrella policies tend to be highly affordable. Since they’re supplemental policies, insurance providers are often able to offer a significant amount of coverage for relatively low premiums. In many cases, policies offer millions of dollars in protection and still have affordable rates.
Since personal umbrella policies are supplemental policies, they often have requirements regarding the underlying, primary policies that a person must maintain. It’s important to meet a policy’s minimum underlying coverage requirements. For, if all requirements aren’t met, the personal umbrella coverages may be nullified. Ensuring that all the necessary underlying policies are in place can be a complex process.
Because the process can be involved, Massachusetts residents should work closely with an independent insurance agent when purchasing a personal umbrella policy. An independent agent can help residents compare available policies and select the best one for them, and an agent can also make sure all required primary coverages are in place.