If you are in search of a plan for personal liability umbrella insurance in Colorado Springs, we’d like to be your agency. We provide hundreds of individuals with ‘cover all’ type policies to protect you from unseen events in retirement, vacation, day-to-day-life, business, and more.
An umbrella insurance policy basically covers you above and beyond your other insurance policies. Life is tough. Things happen that you don’t expect. That’s where umbrella insurance comes into play. They provide protection beyond what your insurance can. We at Mikeal Taylor Insurance Agency are happy to offer you an umbrella policy to extend your coverage. This policy makes a great addition to any current auto, home or other policy.
It costs yo nothing to get a quote. Simply give us a call and we’ll walk you through the entire process and answer all of your questions.
Learn More: How Does Personal Umbrella Liability Insurance Work?
The easiest way to understand what an umbrella policy is to consider an example of how it works. Let’s assume you are in an accident that includes several vehicles. Let’s also say that the amount of money needed to cover all the injuries and damages add up to $700,000. What if your auto policy only covers up to $650,000? In this scenario, you would be responsible for the difference between what your policy pays out and the actual amount you owe.
This amount isn’t a small amount at $50,000. This is a large enough amount that it could put you in a financial bind. An umbrella policy will extend the amount of coverage you have. This protects you from ever being in a situation like we just discussed. You won’t have to come up with the difference between what your policy pays and what you owe.
VIDEO: Umbrella Insurance in Colorado Springs
In this video, Mikeal Taylor explains the benefits and when it makes sense to buy an umbrella policy:
Other Benefits of an Umbrella Insurance:
Umbrella insurance is so named because it offers you additional protection, like an umbrella. It can cover claims that are not taken care of with other policies, such as your watercraft, auto or homeowners policies. It can also include coverage of defamation of character, slander, libel and dog bites. Umbrella polices also provide coverage that pays for attorney fees and defense costs. Policies are usually valid worldwide.
Who Needs Personal Umbrella Liability Insurance?
Anyone can benefit from umbrella insurance. It is simply a safety net that gives you more coverage than even a good insurance policy can. We at Mikeal Taylor Insurance Agency are happy to talk to you about your insurance options. We can let you know if an umbrella policy is right for you. As a general rule, you want this type of policy if your assets are substantial. However, again, virtually anyone can benefit from such a policy.
Here is a good article by the Insurance Information Institute on who should get an umbrella personal liability plan: Should I purchase an umbrella liability policy?
Other People Who Can Benefit From Umbrella Insurance:
In addition to a home or car owner, another person who can benefit from an umbrella policy is a landlord. Being a landlord is a great way to make money by using your property. However, because you have people other than yourself living in your property, there are legal risks. That is why an umbrella policy is especially good for landlords. Read below for a small list of ways an umbrella policy can be good for a landlord:
- If you as a landlord neglect to change the locks on your rental, which leads to a break in or damage.
- A guest is injured while on your property.
- A guest falls because of a broken handrail or some other form of neglect on your property.
- Another party sues you because of a renter causing damage.
What Does Personal Umbrella Liability Insurance Cover?
Umbrella insurance comes into play when your insurance limits have been reached. This policy can protect you from getting sued if you caused injury to someone through an accident. It also protects you from problems with property damage claims. Most umbrella plans even cover slander, false arrest and legal fees as mentioned above.
What Does Personal Umbrella Liability Insurance Cost?
Of course, each umbrella liability policy will vary slightly. We at Mikeal Taylor Insurance Agency can give you a better idea of what it would you should expect to pay for an umbrella policy. However, according to Insurance Information Institute, average polices cost from $150 to $300. This amount can usually buy around a $1 million policy. The next million will cost another $75. Then you can expect to pay $50 a year more for every additional million of coverage.
How do You Get Personal Umbrella Liability Insurance?
Our team at Mikeal Taylor Insurance Agency is happy to help you set up an umbrella policy to add to your current insurance policies. Contact us today for more information about our umbrella liability insurance policies. We will work with you to get you a cost effective policy that fits your needs.