Penny Gusner is a senior insurance writer and analyst at Forbes Advisor. For more than 20 years, she has been helping consumers learn how insurance laws, data, trends, and coverages affect them. Penny enjoys translating the complexities of insurance.
Penny Gusner Insurance Writer and AnalystPenny Gusner is a senior insurance writer and analyst at Forbes Advisor. For more than 20 years, she has been helping consumers learn how insurance laws, data, trends, and coverages affect them. Penny enjoys translating the complexities of insurance.
Written By Penny Gusner Insurance Writer and AnalystPenny Gusner is a senior insurance writer and analyst at Forbes Advisor. For more than 20 years, she has been helping consumers learn how insurance laws, data, trends, and coverages affect them. Penny enjoys translating the complexities of insurance.
Penny Gusner Insurance Writer and AnalystPenny Gusner is a senior insurance writer and analyst at Forbes Advisor. For more than 20 years, she has been helping consumers learn how insurance laws, data, trends, and coverages affect them. Penny enjoys translating the complexities of insurance.
Insurance Writer and Analyst Jason Metz Lead Editor, InsuranceAs a former claims handler and fraud investigator, Jason Metz has worked on a multitude of complex and multifaceted claims. The insurance industry can be seemingly opaque, and Jason enjoys breaking down confusing terms and products to help others mak.
Jason Metz Lead Editor, InsuranceAs a former claims handler and fraud investigator, Jason Metz has worked on a multitude of complex and multifaceted claims. The insurance industry can be seemingly opaque, and Jason enjoys breaking down confusing terms and products to help others mak.
Jason Metz Lead Editor, InsuranceAs a former claims handler and fraud investigator, Jason Metz has worked on a multitude of complex and multifaceted claims. The insurance industry can be seemingly opaque, and Jason enjoys breaking down confusing terms and products to help others mak.
Jason Metz Lead Editor, InsuranceAs a former claims handler and fraud investigator, Jason Metz has worked on a multitude of complex and multifaceted claims. The insurance industry can be seemingly opaque, and Jason enjoys breaking down confusing terms and products to help others mak.
| Lead Editor, Insurance
Updated: Mar 19, 2024, 4:08am
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Umbrella insurance provides you extra protection by picking up where liability limits from your other insurance policies, such as auto and home, leave off. This excess liability coverage may save the day—and assets like your home and savings—if you’re hit with a hefty lawsuit.
The best umbrella insurance companies will provide a variety of coverage limits to choose from and offer reasonable rates for both the umbrella coverage and the base insurance policies.
Umbrella insurance provides additional liability coverage if the liability insurance limits of your “base” policies are exceeded. Your car insurance and home insurance policies typically are the base policies for umbrella insurance, but other base policies could include a watercraft insurance or renters insurance policy.
Having umbrella insurance could protect you against potential financial disaster by paying out when your auto or home insurance policy limits run out.
Accidental or unexpected events that result in expensive claims or lawsuits could potentially wipe out your assets and savings without umbrella insurance.
You want to consider maximum coverage amounts, the number and type of insurance policies you must have from an insurer to be eligible to buy umbrella insurance and cost when identifying the best umbrella insurance for your situation.
Finding the best umbrella insurance company starts with discovering which insurers offer the liability limits you want. Most personal insurance companies offer umbrella insurance and what is covered is fairly standard—it’s the maximum limits that vary.
Umbrella insurance policies start at $1 million of coverage. Many companies let you raise the limit in $1 million increments and set their maximum limits at $5 million or $10 million. If you have an abundance of assets to protect, Chubb provides umbrella policies with a maximum coverage limit of $100 million.
Up to $5 million Up to $2 million $5 million or $10 million (varies by state) Up to $5 million Up to $100 million Up to $5 million Up to $10 million Up to $10 million Up to $10 million Up to $10 million (top limit in Louisiana is $5 million) Up to $5 million Up to $5 million Up to $5 million Up to $5 million Up to $5 million Up to $10 million The Hartford $1 million, $2 million or $5 million are your choices Up to $10 million Up to $5 million Up to $2 million *USAA is available only to military members, veterans and their families. See More See LessThe number of policies you must have with an insurer before you can add an umbrella insurance policy varies by insurance company. You’ll want to consider this when researching the best umbrella insurance for your particular needs.
Price is also important when looking for the best umbrella insurance company. You’re seeking the company that gives you the overall best price for your base policy (such as auto or homeowners) plus the umbrella policy.
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Insurance Writer and AnalystPenny Gusner is a senior insurance writer and analyst at Forbes Advisor. For more than 20 years, she has been helping consumers learn how insurance laws, data, trends, and coverages affect them. Penny enjoys translating the complexities of insurance into easy-to-understand advice and tips to help consumers make the best choices for their needs. Her work has been featured in numerous major media outlets, including The Washington Post and Kiplinger’s.
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