Why Is Umbrella Insurance Important? Benefits of Extra Liability Protection in Georgia

You insure your home. You insure your vehicles. You may even insure your rental properties. But what happens if you are involved in a serious accident or lawsuit and the damages exceed the liability limits on those policies?

That's where umbrella insurance can become extremely important.

At Jones Group Insurance Services, we help individuals and families in Acworth, Kennesaw, Marietta, Canton, Atlanta, and surrounding Georgia communities understand how umbrella insurance can provide an additional layer of liability protection beyond their underlying insurance policies.

What Is Umbrella Insurance?

A personal umbrella insurance policy provides additional liability coverage above the limits of certain underlying policies, such as your homeowners and auto insurance.

For example, imagine you are responsible for a serious auto accident and the resulting covered liability claim exceeds the liability limit on your auto policy.

Once the applicable underlying policy limit is exhausted, an umbrella policy may provide additional coverage, subject to the terms, conditions, exclusions, and limits of the umbrella policy.

Umbrella insurance is designed to help protect you from large liability claims that could otherwise put your personal assets at risk.

Why Is Umbrella Insurance Important?

Many people assume the liability coverage included with their home and auto insurance is enough.

For everyday claims, it may be.

But serious accidents can become extremely expensive.

Medical expenses, lost income, property damage, legal expenses, and court judgments can quickly result in a liability claim worth hundreds of thousands—or even millions—of dollars.

Umbrella insurance gives you an additional layer of protection when a covered liability claim exceeds the limits of an underlying policy.

What Are the Benefits of Umbrella Insurance?

1. Provides Additional Liability Protection

The primary benefit of umbrella insurance is additional liability coverage.

Your home and auto policies have liability limits. An umbrella policy can sit above certain underlying policies and provide additional coverage for qualifying claims.

This can be especially important after a serious accident involving significant injuries or property damage.

2. Helps Protect Your Assets

If you are found legally responsible for damages that exceed your insurance limits, your personal assets could potentially be exposed.

Depending on the circumstances, this may include assets such as:

• Savings

• Investments

• Real estate

• Rental properties

• Other valuable assets

• Future income

People often think umbrella insurance is only for the extremely wealthy. That's not necessarily true.

If you've spent years building assets, owning property, saving money, or increasing your income, protecting what you've built should be part of your overall insurance strategy.

3. Provides Additional Protection for Serious Auto Accidents

A major auto accident is one of the most important reasons to consider umbrella insurance.

Imagine causing an accident involving several vehicles and multiple serious injuries.

Your auto liability coverage only pays up to the limits stated in your policy for a covered claim. If the damages exceed those limits, you could potentially be responsible for the remaining amount.

An umbrella policy may provide additional protection once the applicable underlying auto liability limits have been exhausted.

4. Additional Protection for Homeowners

Liability claims don't only happen on the road.

Suppose someone is seriously injured on your property and you are found legally responsible. A significant injury could potentially result in a lawsuit exceeding your homeowners liability limit.

Umbrella insurance may provide an additional layer of liability coverage above your homeowners insurance.

5. Umbrella Insurance Can Be Important for Rental Property Owners

Do you own one or more rental properties?

Landlords can face additional liability exposures simply because other people are living on property they own.

Depending on the policy and carrier, an umbrella policy may be able to provide additional liability protection over eligible rental properties.

If you own multiple properties, it's especially important to discuss your entire real estate portfolio with your insurance agent to determine which properties can be scheduled or covered under the umbrella.

Who Should Consider Umbrella Insurance?

Umbrella insurance may be worth considering if you:

• Own a home

• Own rental properties

• Own multiple homes or properties

• Have significant savings or investments

• Have multiple vehicles

• Have youthful or inexperienced drivers in your household

• Have a swimming pool

• Own recreational vehicles or other eligible exposures

• Frequently entertain guests at your home

• Have accumulated assets you want to protect

• Want liability limits higher than your underlying policies provide

You don't necessarily need to be a millionaire to benefit from an umbrella policy.

How Does Umbrella Insurance Work?

Here's a simplified example:

Suppose you're responsible for a covered auto accident resulting in $750,000 in covered liability damages.

If your underlying auto policy provides $250,000 of applicable liability coverage, there could be a substantial difference between the auto policy limit and the total damages.

If you have a qualifying umbrella policy, it may provide additional coverage above the underlying policy limit, subject to the umbrella policy's terms and limits.

Without sufficient insurance, you could potentially be responsible for damages exceeding your available coverage.

How Much Umbrella Insurance Do I Need?

Umbrella insurance commonly starts at $1 million in coverage, with higher limits available depending on the insurance company and your individual circumstances.

The appropriate amount depends on factors such as:

• Your assets

• Income

• Number of vehicles

• Number of properties

• Rental property ownership

• Household drivers

• Existing liability limits

• Overall liability exposure

An insurance professional can help you review these exposures and determine an appropriate amount of protection.

Your Underlying Insurance Limits Matter

Before purchasing an umbrella policy, it's important to understand that the insurance company may require you to maintain certain minimum liability limits on your underlying policies.

For example, you may need to increase your auto liability or homeowners liability limits before becoming eligible for umbrella coverage.

This is why your auto, home, rental property, and umbrella policies should be reviewed together rather than looking at each policy individually.

Umbrella Insurance in Acworth, GA

If you're looking for umbrella insurance in Acworth, Georgia, Jones Group Insurance Services can help you review your existing home, auto, and other eligible liability coverage to determine whether additional protection may be appropriate.

Umbrella Insurance in Kennesaw, GA

We help individuals and families looking for personal umbrella insurance in Kennesaw, GA understand their liability exposure and explore available coverage options.

Whether you own a home, multiple vehicles, or rental properties, we can help you determine where you may have gaps in protection.

Umbrella Insurance in Marietta, GA

Looking for umbrella insurance in Marietta, Georgia?

Jones Group Insurance Services can review your current policies and help determine whether your existing liability limits provide enough protection for your assets and lifestyle.

Umbrella Insurance in Canton, GA

Homeowners and families in Canton and Cherokee County may benefit from reviewing their liability insurance as their income and assets grow.

Adding an umbrella policy can provide another layer of protection beyond qualifying home and auto policies.

Umbrella Insurance in Atlanta and Throughout Georgia

We also assist individuals looking for umbrella insurance in Atlanta and throughout Georgia.

Whether you have one home and two vehicles or multiple homes, rental properties, and several vehicles, we can help you evaluate your liability exposure and available umbrella insurance options.

Don't Wait Until a Major Lawsuit to Review Your Liability Coverage

Insurance isn't only about protecting your property. It's also about protecting yourself financially when you're legally responsible for causing injury or damage to someone else.

You may have spent decades building your home equity, savings, investments, real estate, and other assets.

A serious liability claim can put those assets at risk if your existing insurance limits aren't sufficient.

An umbrella policy can provide an additional financial layer of protection when you need it most.

Looking for Umbrella Insurance in Georgia?

At Jones Group Insurance Services, we can review your existing insurance policies and help determine whether umbrella insurance makes sense for you.

We assist clients looking for umbrella insurance in Acworth, Kennesaw, Marietta, Canton, Atlanta, and throughout Georgia.

Request an Umbrella Insurance Quote Today

Do you own a home, rental property, multiple vehicles, or other significant assets?

Contact Jones Group Insurance Services today for an umbrella insurance quote in Georgia.

We'll review your current liability limits, discuss your exposures, and help you explore the additional protection available through an umbrella insurance policy.