Everything You Need to Know About USAA Umbrella Insurance

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If you’re a USAA member, you may have heard about umbrella insurance. But what is it? And do you need it? In this article, we’ll answer all your questions about USAA umbrella insurance and help you decide if it’s right for you.

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What Is USAA Umbrella Insurance?

USAA umbrella insurance is a type of liability insurance that provides additional coverage above and beyond what your existing policies offer. It’s designed to protect you in case you’re sued for damages or injuries you caused that exceed the limits of your other insurance policies.

For example, let’s say you caused a car accident that resulted in $500,000 in damages, but your auto insurance policy only covers up to $250,000. Without umbrella insurance, you would be responsible for paying the remaining $250,000 out of pocket. But if you had USAA umbrella insurance, it would kick in and cover the remaining $250,000 (up to the limits of your policy).

How Does USAA Umbrella Insurance Work?

USAA umbrella insurance is designed to work in conjunction with your other insurance policies, such as auto, home, and renters insurance. It provides additional liability coverage on top of those policies, up to the limits of your umbrella policy.

To purchase USAA umbrella insurance, you must first have an existing USAA auto, home, or renters insurance policy. You can then add umbrella insurance to your account for an additional premium.

How Much Coverage Does USAA Umbrella Insurance Provide?

USAA umbrella insurance provides coverage in increments of $1 million, up to $10 million. The amount of coverage you need will depend on your assets and potential risks.

To determine how much coverage you need, it’s a good idea to assess your assets and consider the potential risks you face. For example, if you have a high net worth, you may want to opt for higher coverage limits. Or if you own a pool or trampoline, you may be at a higher risk for accidents and want additional coverage.

What Does USAA Umbrella Insurance Cover?

USAA umbrella insurance covers a variety of liability claims, including:

Types of Claims
Examples
Bodily injury
Someone slips and falls on your property and is injured.
Property damage
You accidentally cause a fire that damages your neighbor’s home.
Personal injury
You’re sued for libel or slander.
Landlord liability
A tenant sues you for injuries sustained on your rental property.

USAA umbrella insurance only covers liability claims, not damage to your own property or injuries you sustain. For those types of claims, you would need other insurance policies, such as auto or health insurance.

Why Do I Need USAA Umbrella Insurance?

USAA umbrella insurance provides an extra layer of protection for your assets and future earnings. If you’re sued for damages that exceed the limits of your other insurance policies, USAA umbrella insurance can help cover the difference.

Without umbrella insurance, you could be financially responsible for any damages or injuries that exceed your existing coverage limits. This could mean dipping into your savings, selling assets, or even facing wage garnishment.

Who Needs USAA Umbrella Insurance?

If you have assets to protect, you should consider getting USAA umbrella insurance. This includes:

  • High net worth individuals
  • Business owners
  • Property owners
  • High-risk professions (such as doctors or lawyers)

Keep in mind that umbrella insurance isn’t just for the wealthy. Even if you don’t have significant assets, you could still be sued for damages that exceed the limits of your existing policies.

How Much Does USAA Umbrella Insurance Cost?

The cost of USAA umbrella insurance varies depending on your coverage limits and other factors, such as your location and risk factors. However, most policies start at around $20 per month for $1 million in coverage.

While umbrella insurance may seem like an added expense, it could save you thousands or even millions of dollars in the long run.

How Do I Purchase USAA Umbrella Insurance?

To purchase USAA umbrella insurance, you must first have an existing USAA auto, home, or renters insurance policy. You can then add umbrella insurance to your account for an additional premium.

To get a quote for USAA umbrella insurance, you can contact a USAA representative or visit the USAA website.

Final Thoughts

USAA umbrella insurance provides an extra layer of protection for your assets and future earnings. If you have significant assets to protect, or if you’re at a higher risk for liability claims, it’s worth considering.

Remember to assess your assets and potential risks to determine how much coverage you need. And don’t forget to shop around and compare quotes before making a decision.

FAQ

What does USAA umbrella insurance cover?

USAA umbrella insurance covers liability claims that exceed the limits of your other insurance policies. This includes bodily injury, property damage, personal injury, and landlord liability.

Do I need USAA umbrella insurance?

If you have assets to protect, you should consider getting USAA umbrella insurance. Even if you don’t have significant assets, you could still be sued for damages that exceed the limits of your existing policies.

How much does USAA umbrella insurance cost?

The cost of USAA umbrella insurance varies depending on your coverage limits and other factors, but most policies start at around $20 per month for $1 million in coverage.

How do I purchase USAA umbrella insurance?

To purchase USAA umbrella insurance, you must first have an existing USAA auto, home, or renters insurance policy. You can then add umbrella insurance to your account for an additional premium.

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