If you’re looking for an extra layer of protection beyond your home, auto, and other insurance policies, consider getting Progressive umbrella insurance. This policy can provide coverage when your other policies’ limits have been reached, and it can also offer additional benefits and peace of mind. Keep reading to learn more about Progressive umbrella insurance and how it can benefit you.
What is Progressive Umbrella Insurance?
Progressive umbrella insurance is a type of liability insurance that provides additional protection beyond your regular insurance policies. If you’re found liable for damages that exceed your auto or home insurance policy limits, your umbrella policy will kick in to cover the excess costs. This coverage can protect your assets and future income from lawsuits and other financial losses.
How Does It Work?
Once you purchase an umbrella policy, it will typically start at a minimum of $1 million in coverage. If you’re found liable for damages that exceed the limits of your other insurance policies, your umbrella policy will cover the remaining costs up to the limit of your umbrella policy. For example, if you have a $500,000 auto insurance policy and are sued for $1 million in damages, your umbrella policy would cover the remaining $500,000.
It’s important to note that umbrella insurance only provides additional liability coverage and does not cover damages to your own property. This means that you still need to maintain your underlying insurance policies and pay for any damages to your personal property or vehicles out of pocket.
What Does It Cover?
Progressive umbrella insurance can provide coverage for a variety of situations, including:
Covered Situations |
Examples |
Bodily Injury Liability |
Medical bills, lost wages, and pain and suffering for someone injured in an accident that you caused |
Property Damage Liability |
Damage to someone else’s property that you caused, such as a car or fence |
Libel and Slander |
Claims of defamation, invasion of privacy, or infringement of copyright or trademark |
Lawsuits and Legal Fees |
Legal fees, court costs, and settlements or judgments against you that exceed your other insurance policy limits |
Why Do You Need It?
There are several reasons why you might consider getting Progressive umbrella insurance, including:
Protect Your Assets
If you’re found liable for damages that exceed your other insurance policies’ limits, your personal assets could be at risk. This could include your savings accounts, retirement accounts, investments, and even your home. Umbrella insurance can provide an extra layer of protection to prevent you from losing these assets in a lawsuit.
Peace of Mind
Knowing that you have an extra layer of protection beyond your regular insurance policies can provide peace of mind. You can rest assured that you have coverage for unexpected and potentially expensive situations that could arise.
Coverage for Non-Covered Incidents
Umbrella insurance can also provide coverage for incidents that are not covered under your other insurance policies. For example, if you’re held liable for a dog bite and your home insurance policy doesn’t cover it, your umbrella policy could provide coverage.
Affordable Coverage
Umbrella insurance is typically affordable and can provide a high level of coverage. The cost of your policy will depend on several factors, including your assets, liability risk, and the amount of coverage you need.
FAQs
Is Umbrella Insurance Required?
No, umbrella insurance is not required by law. However, it’s recommended for anyone who wants extra protection beyond their regular insurance policies.
How Much Coverage Do I Need?
The amount of coverage you need will depend on your assets and liability risk. It’s recommended that you have enough coverage to protect all of your assets and future income, but at a minimum, you should have coverage for at least $1 million.
How Much Does Umbrella Insurance Cost?
The cost of umbrella insurance will depend on several factors, including your assets, liability risk, and the amount of coverage you need. On average, umbrella insurance costs around $150 to $300 per year for $1 million in coverage.
How Do I Purchase Umbrella Insurance?
You can purchase umbrella insurance through your insurance provider. You will typically need to have underlying insurance policies, such as home and auto insurance, before you can purchase umbrella insurance. Talk to your insurance provider to learn more about your options.
Is Umbrella Insurance Tax Deductible?
Umbrella insurance is not tax deductible for personal use, but it may be deductible if used for business purposes.
What Happens If I Don’t Have Umbrella Insurance?
If you’re found liable for damages that exceed your other insurance policies’ limits and you don’t have umbrella insurance, you could be responsible for paying the remaining costs out of pocket. This could put your personal assets and future income at risk.
Conclusion
Progressive umbrella insurance can provide an extra layer of protection beyond your regular insurance policies. It can protect your assets and future income from lawsuits and other financial losses, provide coverage for non-covered incidents, and offer peace of mind. If you’re interested in getting umbrella insurance, talk to your insurance provider to learn more about your options and how much coverage you need.
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