Umbrella Insurance for individuals and families in Nevada
Umbrella insurance provides an additional layer of liability protection when a major accident or claim exceeds the limits of your underlying personal policies. This includes your home, auto, recreational vehicles, watercraft and any other policies that carry personal liability coverage.
Serious liability claims can threaten assets such as home equity, savings, investment accounts, additional vehicles or properties and, in some cases, future income. An umbrella policy is designed to prevent those assets from being exposed.
Large losses are rare, but when they occur, the financial impact can be significant. By extending your liability coverage above the limits of your underlying policies, an umbrella policy provides broader protection and greater financial security.
Example Scenario
Imagine you are at fault for a car accident at an intersection and another person suffers severe injuries. Your auto policy carries split limits of $250,000 per person and $500,000 per accident. If the injured party’s medical costs, lost wages and damages total $600,000, your auto policy would pay up to the $250,000 per-person limit. You would be responsible for the remaining $350,000.
An umbrella policy steps in above the underlying limit to cover that difference, up to the umbrella limit you selected. This prevents the excess liability from reaching your savings, home, investments or future wages.
More examples…
- Your dog bites a neighbor’s child
- A guest trips over a lamp cord in your home and suffers significant injuries
- Your child breaks an expensive, high-value item while visiting someone else’s home
How much does an Umbrella policy cost?
The cost of an umbrella policy varies based on the number of vehicles, homes and drivers it extends over, as well as your overall liability profile. Each insurance carrier uses its own pricing structure and underwriting approach, so premiums can differ widely.
What remains constant is the value. An umbrella policy provides protection measured in hundreds of thousands to millions of dollars against lawsuits, medical claims and personal liability exposures — the kinds of losses that can reach home equity, savings, investments or even future earnings.
When you compare the cost of a properly structured umbrella to the financial impact of an uncovered judgment, the decision becomes clear. It is one of the few insurance decisions where the cost of protection is almost always insignificant relative to the risk being transferred.
Strengthen Your Liability Protection with an Umbrella Policy
A single accident can create financial consequences that exceed the limits of your home, auto or other personal policies. Umbrella insurance adds an additional layer of liability protection so your assets, savings and future earnings are not put at risk after a major claim.
Most carriers require your underlying home and auto policies to meet minimum liability limits. For clients whose primary insurance is placed elsewhere, we also work with select companies that offer stand-alone umbrella options when those requirements are met.
If you’d like to review your liability coverage or determine whether an umbrella policy is appropriate for your situation, we can walk you through the options and help structure the right protection.
