Personal Umbrella Insurance
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(603) 431-4020
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insure@portsmouthatlanticins.com
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Stratford, CT
Personal Umbrella Policy in New Hampshire
What is a personal umbrella policy?
The primary insurance policies that New Hampshire residents can purchase, such as homeowners insurance and auto insurance, provide substantial protections. Major lawsuits could still exceed the limits of these policies, however. A personal umbrella policy may provide more protection in such a situation.
A personal umbrella policy is secondary insurance that supplements primary policies. It may provide additional liability protection when the upper limits of primary policies aren’t enough.
Who in New Hampshire should have personal umbrella insurance?
Personal umbrella insurance may be right for anyone who wants increased liability protection. With the potential costs of lawsuits, many New Hampshire residents can benefit from increased protection.
In particular, residents who are at a heightened work of being sued should give this coverage additional consideration. For instance, a policy might be especially helpful for the following residents:
- High-income earners, who may find themselves targets of opportunistic lawsuits
- Residents with historic family estates, who don’t want to risk losing the estate
- Boaters, who could be liable for a drowning or major injury on the water
- Dog owners, who could be liable for injuries following an attack by their dog
- Athletes in high-contact sports, who could be sued over injuries they cause to another player
- Landlords, who could be sued by tenants or their guests if someone is injured
An insurance agent who specializes in these policies can provide additional scenarios where personal umbrella coverage would likely be useful.
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Coverages to Consider
- Homeowners insurance policies
- Auto insurance policies
- Boat policies
- Motorcycle policies
- RV policies
What primary policies is personal umbrella insurance able to supplement?
Personal umbrella insurance can supplement several types of primary insurance policies, including the following:
- Homeowners insurance policies
- Auto insurance policies
- Other policies
- Boat policies
- Motorcycle policies
- RV policies
What policies a particular umbrella policy supplements are determined by the terms of that umbrella policy. Most umbrella policies are able to supplement multiple underlying policies.
What does “underlying coverage requirements” mean in an umbrella policy?
Most umbrella policies have “underlying coverage requirements” somewhere in their terms. These requirements are minimum amounts of coverage that must be obtained through a primary insurance policy. The purpose of these requirements is to ensure that there is a certain amount of primary policy coverage to exhaust before the umbrella policy begins paying on a claim.
It’s important to make sure underlying coverage requirements are met, or else an umbrella policy’s protections might be compromised. This is something that a knowledgeable insurance agent can help with.
What does “retention limits” mean in an umbrella policy?
Umbrella policies can also have “retention limits,” instead of or in addition to underlying coverage requirements. A retention limit is a self-insured amount that must be paid before the umbrella policy will begin covering a claim. This limit functions similarly to a deductible despite being called something different.
It’s likewise important to understand any retention limits that a policy has. A knowledgeable agent can review any retention limits that a policy might come with.
How much are the premiums for personal umbrella policies?
The premiums for personal umbrella policies are affordable considering the amount of protection they provide. Many policies offer coverage ranging in the millions, and the rates are still affordable because these are secondary policies.
How can New Hampshire residents get a personal umbrella policy for themselves?
For help purchasing personal umbrella insurance in New Hampshire, contact the independent insurance agents at Portsmouth Atlantic Insurance. Our agents will work closely with you to assess your liability insurance needs, and ensure that both primary policies and a personal umbrella policy are in place to provide good protection.
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