Get the Best Personal Umbrella Insurance in Oklahoma

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.

What does an umbrella policy cover?

An umbrella insurance policy can cover a wide range of losses, including any damages from a covered occurrence anywhere in the world that an insured is legally obligated to pay because of a bodily injury, personal injury or property damage. An umbrella policy has the same coverage as the underlying homeowners, auto, watercraft or RV policy, but could also offer broader coverage. Each insurance carrier has it’s own policy, so coverage varies from policy to policy.

Why would I need a personal 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 and have pool parties
  • 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 dangerous animals or 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 (we all 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

What is not covered by my personal umbrella policy?

A personal umbrella policy is for liability protection. Some situations that are not covered by an umbrella policy include:

  • Your personal property
  • Business losses
  • Criminal or intentional actions
  • Contracts

How much does a personal umbrella policy cost in Oklahoma?

The true cost of an umbrella insurance policy is the cost of increasing the underlying limits plus the cost of the umbrella policy. In order to purchase an umbrella policy, most insurance carriers will require a minimum limit on an underlying policy. Below are the typical underlying liability limits required before purchasing an umbrella policy:

  • Homeowners: $300,000 per occurrence
  • Auto: $250,000 per person/$500,000 per accident
  • Boat: $100,000 per person/$300,000 per accident
  • RV: $100,000 per person/$300,000 per accident
  • Motorcycle: $100,000 per person/$300,000 per accident

Is it worth having an umbrella policy?

Yes, an umbrella policy is definitely worth having, especially if you’re found liable for more than your homeowners, auto or boat insurance policy limits. In this case, your personal assets, cash savings and future wages could be at risk. An umbrella policy can help protect you from financial ruin.

What is the difference between an excess liability policy and a personal umbrella policy?

Umbrella insurance is sometimes referred to as excess liability protection, but these are two different types of insurance. An excess liability insurance policy only provides additional limits of coverage for the same risks as the underlying policy and has the same exclusions. A personal umbrella insurance policy provides greater liability coverage for the underlying policy and also provides protection for other risks.

For example, if your homeowners policy excludes libel or slander, an excess liability policy would also not cover a lawsuit for those types of claims. However, an umbrella policy could help pay for a libel or slander judgment against you even when your homeowners policy excludes those types of claims. Other common homeowners policy exclusions that could be covered by an umbrella policy include swimming pools, trampolines and banned dog breeds.

How can I get the lowest personal umbrella policy in Oklahoma?

There are many factors that determine an insured’s premium rate. Some factors are out of our control, such as our age, the economy, cost of building materials and all of the insurance claims being filed in the region. However, some of our life decisions can make an impact on our insurance premiums, such as our credit rating, driving record and recent insurance claims. Below are a list of several ways you can get the best rates in Oklahoma:

  • Shop multiple insurance carriers at once with an independent insurance agency like Scherer Insurance
  • Having good credit history
  • Having a good driving record
  • No recent insurance claims
  • Having a college degree
  • Being married
  • 3+ years at your residence
  • 3+ years at your workplace
  • 3+ years with your current insurance carrier
  • 3+ years with continuous insurance coverage
  • Newer home
  • Located near a fire hydrant
  • Located near a fire station
  • Located within a fire department district
  • Located inside city limits
  • Located in a low crime ZIP code
  • Located in a retirement community
  • Located in a gated or limited access community
  • Located in a community with manned security
  • No swimming pool, but if there is, have a fence and no diving board or slide
  • No trampoline, but if there is, have a safety net
  • No dogs on the banned breeds list
  • No dogs with bite history
  • No wood burning stoves
  • No fireplace
  • Not used for business, farming or ranching
  • Companion “bundling” policies such as your home and umbrella policies with the same insurance carrier
  • Opt for a higher deductible
  • Owning your home instead of financing
  • Paying your premium in full
  • Paying via EFT payments as opposed to mailing checks
  • Retired or a senior citizen
  • Impact-resistant (hail-resistant) roof
  • Dead-bolt locks or certain other security measures
  • Approved electronic burglar alarms
  • Smoke alarms, interior sprinkler systems or other fire prevention systems
  • Smoke detectors and carbon monoxide detectors
  • Fire extinguisher(s)
  • Recent heating, electrical, plumbing or roof updates
  • Advance quote or early-signing discount
  • and many more

When you request a quote from Scherer Insurance, you can be confident that every possible credit and discount will be requested.

When should you consider getting umbrella insurance?

If you have a higher than average exposure to being sued, you should consider buying a personal umbrella policy today!

How can I buy a personal umbrella insurance policy in Oklahoma?

There are two easy ways to get a quote or request more information for a personal umbrella insurance policy in Oklahoma: