Umbrella Insurance FAQ

What is umbrella insurance?

Umbrella insurance is a supplemental coverage that covers more than one property or asset with an extra layer of liability protection. It starts when your underlying or primary policy doesn’t provide sufficient liability protection. An umbrella policy extends an additional layer of liability protection that can be used with any of your other policies held with the same company or even any policy from another insurance company including your boat, motorcycle, all-terrain vehicle and snowmobile.

Furthermore, if the liability limits are exhausted on your auto insurance, your umbrella insurance kicks in and provides additional protection of at least $1 million or up to the level of coverage you purchased. To better explain, if you have $500,000 liability coverage on your auto policy and $1 million umbrella coverage, your total auto liability coverage is increased to $1.5 million.

Do I really need umbrella insurance?

Let’s picture your dog biting a neighbor’s child. Or if there’s an accident on your rental property. Or a fire in your condo spreads to other units. What would happen if you or a family member missed a stop sign and struck and killed a pedestrian? If any of these circumstances happened to you, most likely your current liability limits wouldn’t be sufficient to cover your assets—or your future income.

How much coverage do I need?

The amount of coverage is calculated by several factors. Your financial status, lifestyle, and existing coverage are all relevant, but in liability lawsuits, a judgment could exceed your net worth. Learn more from your Tulsa Insurance Guy what the right amount of coverage is right for you.

Can I get just an umbrella policy?

Most of our insurance carriers require for you to obtain auto insurance with them atcertain amounts of liability coverage before you can purchase umbrella insurance through them. Other policies you have must meet certain minimum liability coverage levels and other conditions may also apply. Talk to us at Tulsa Insurance Guy, “Your local Insurance Solution” to learn more about adding an extra layer of protection with umbrella insurance.