Rain Happens, Be Sure You Have An Umbrella, what you need to know about excess liability insurance.

By: Advocate Brokerage

umbrella insurance policy

When there is rain in the forecast, are you the type of person that brings an umbrella? Or maybe you have one stored in your car, just in case. Rain happens and if you don’t want raindrops falling on your head, you want the protection offered by an umbrella.

A Personal Umbrella Policy, also known as Excess Liability Insurance, is something that EVERYONE should consider adding to their insurance portfolio. In today’s litigious society, an umbrella policy gives you an extra layer of protection should the unexpected occur, and you get sued. A Personal Umbrella is affordable, and it provides coverage beyond the limits offered by your homeowners, renters, automobile, or watercraft policies.

An excess liability policy will offer coverage against claims and lawsuits that happen at home as well as at locations off your property, and often worldwide coverage is included. It will protect you against claims including bodily and personal injury, libel, slander, and defamation of character. Additional options that can be added to some umbrella policies include: uninsured/underinsured motorist coverage, employment practices liability coverage (EPLI), directors & officers liability (D&O) insurance for those that serve on not-for-profit boards. Coverage is subject to the terms of the actual policy.

How much coverage do I need?

It makes sense to purchase an umbrella policy that is equal to at least as much as your total net worth. Excess liability coverage is usually sold in increments of $1 million. Some carriers may place limits on the amount of coverage you can purchase, however, we work with elite carriers that specialize in high-net-worth insurance and offer coverage up to $100 million.

Final Thoughts from Advocate Brokerage

The more you have acquired in life, the more you need to think about how your financial security, and your family’s legacy could be impacted. The sad fact is that the more you have, the more people want to take. Even though roughly 74% of those that are financially successful have an umbrella policy in place, when it comes to facing a lawsuit, it may not be enough. According to Chubb, 10% of financially successful people have faced judgments of $100,000 or more and 3% have been sued for over $1 million.


10% of financially successful people have faced judgments of $100,000 or more and 3% have been sued for over $1million


If you are unsure if your current coverage is sufficient, we encourage you to get in touch with us. We are here for you. Even if your homeowners’ policy and auto insurance policy are not with the same carrier, the insurance specialists at Advocate Brokerage will work with you to find the Excess Liability Policy that is best for your individual needs.

A Personal Umbrella is your Sleep Better At Night policy….after something has gone wrong policy because it will go the extra mile to safeguard your legacy!

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