What is a personal umbrella policy?
A personal umbrella insurance policy is a policy that goes beyond the limits of a homeowners, auto, watercraft, motorcycle or RV insurance policy. It provides an additional layer of security to those who are at risk of being sued for damages to other people’s property or injuries caused to others in an accident. It could also provide broader coverage that are not covered by the underlying homeowners, auto, watercraft or RV insurance policy.
To purchase umbrella insurance, you must first own a homeowners, auto, watercraft, motorcycle or RV policy. The umbrella policy kicks in after the coverage limits of the regular policy have been exhausted.
Why would I need an umbrella policy in Oklahoma?
Umbrella policies are optional, but they’re important because accidents happen and we live in a litigious society. Legal costs are expensive, even if found innocent. An umbrella policy can help protect current and future income and assets.
If you’re at fault in an auto accident that injures another driver, your personal auto insurance policy could cover the other driver’s medical expenses and lost wages, up to the limit of your policy that you’ve purchased. If you also have a personal umbrella insurance policy, it could help cover additional costs that exceed the limits of your auto policy.
For example, if your auto policy liability coverage limit is $300,000, but the injured driver you hit is suing you for $700,000, your auto policy may pay for the first $300,000, but you would have to pay for the remaining $400,000 out of pocket. However, if you also have a $1 million umbrella policy, it could help cover the remaining $400,000.
For a similar example using homeowners insurance, just replace the injured driver with someone that fell down your stairs or broke their neck on your trampoline.
Who needs a personal umbrella policy in Oklahoma?
Almost anyone can benefit from owning an umbrella insurance policy, but some people have more exposure to risk than others. Ideal candidates for umbrella insurance include people who (a) possess considerable assets, (b) possess potentially hazardous things, or (c) who engage in activities that could increase their risk of being sued. Below is a list of people who could benefit from owning an umbrella policy:
- People with high profiles because of their wealth, involvement in the community or charitable organizations
- People who frequently entertain in their homes
- People that own swimming pools
- People that own trampolines
- People that own swing sets
- People that own or rent an RV, ATV, golf cart, scooter, boat, Jet Ski®, Sea-Doo® or Waverunner®
- People that have stairs in their homes
- Homeowners with trees that could fall on a neighbor’s property
- People that burn leaves and other objects in their yards
- People that hire babysitters
- Condo and townhome owners who could burn or flood their neighbors’ properties
- Pet owners with dogs that bite
- Landlords
- People who coach kids’ sports
- People who volunteer
- People who participate in dangerous sports like skiing, surfing or hunting
- Parents of teenage drivers
- Parents whose kids hit baseballs into neighbors’ windows
- Parents who upload videos of their kids with unlicensed music in the background
- People who drive dangerously (you know who you are)
- Someone with an angry ex (you know who they are)
- People vulnerable to cyber crime who own websites or collect customers’ data
- People who make coworkers uncomfortable
- People who leave bad reviews of products or businesses
- People who frequently speak their minds about others on social media
- People who tag others in social media photos they shouldn’t be in
- People who get tagged in social media photos they shouldn’t be in
- People who record others without consent
How can I buy a personal umbrella policy in Oklahoma?
There are three easy ways to get a quote or request more information for a personal umbrella insurance policy in Oklahoma:
- Call/Text (405) 605-9891
- Email jp@schererinsurance.com
- Fill out the convenient online form below. You will be contacted shortly after it is received.