Don't wait! ☔ Find out the perfect time to get a personal umbrella policy

Personal Umbrella Policy ☔ Don’t Wait! Find out the perfect time to get this coverage

Posted on December 18, 2023October 3, 2023 by Shield Insurance Agency

Shield Insurance Agency Blog | Umbrella Policy | Contact Shield Insurance Agency | Start A Quote!

In today’s uncertain world, it’s important to protect your assets and ensure your financial security. One way to do this is by purchasing a personal umbrella policy. This type of insurance coverage provides additional liability protection beyond what is offered by your existing insurance policies. But when is the right time to purchase a personal umbrella policy? In this blog post, we will explore the factors to consider and the benefits of having this extra layer of coverage.

The Personal Umbrella Policy

First and foremost, let’s talk about what a personal umbrella policy is. Essentially, it is an insurance policy that provides excess liability coverage above and beyond the limits of your existing insurance policies. This means that if you are involved in a lawsuit and the damages exceed the coverage limits of your primary insurance policies, your personal umbrella will kick in to provide additional protection.

One of the main benefits of a personal umbrella policy is asset protection. If you have significant assets, such as a home, car, or investments, you could be at risk of losing them in a lawsuit. A policy can help shield your assets from being seized to satisfy a judgment against you. This is especially important if you have a high net worth or if you are in a profession that is more prone to lawsuits, such as a doctor or lawyer.

Coverage limits are an important consideration when deciding whether to purchase a personal umbrella policy. Most primary insurance policies, such as auto or homeowners insurance, have coverage limits that may not be sufficient to fully protect your assets. A policy typically provides coverage in increments of $1 million, so you can choose the coverage limit that best suits your needs. It’s important to assess your assets and potential risks to determine the appropriate coverage limit for your personal umbrella policy.

Umbrella Policy Coverage Options

Another factor to consider is the coverage options provided by a personal umbrella policy. These policies typically cover a wide range of liability risks, including bodily injury, property damage, and personal injury. They can also provide coverage for certain types of claims that may not be covered by your primary insurance policies, such as libel or slander. It’s important to review the coverage options and exclusions of a policy to ensure that it aligns with your specific needs and risks.

When it comes to purchasing a personal umbrella policy, there is no one-size-fits-all answer. The decision to purchase this type of coverage depends on your individual circumstances and risk tolerance. However, there are some common scenarios where it may be beneficial to have a personal umbrella policy.

If you have significant assets or a high net worth, a personal umbrella policy can provide an extra layer of protection. It can help safeguard your assets and provide peace of mind knowing that you are financially secure in the event of a lawsuit. Additionally, if you engage in activities that may increase your liability risk, such as owning a swimming pool or hosting frequent parties, a policy can provide added protection.

Risk Management

Risk management is another important consideration when deciding whether to purchase a personal umbrella policy. By having this additional coverage, you are taking proactive steps to manage and mitigate your potential liability risks. It’s important to assess your lifestyle, activities, and potential risks to determine if a personal umbrella policy is right for you.

Now that you understand the benefits and considerations of a personal umbrella policy, you may be wondering how to go about purchasing one. Shield Insurance Agency represents over 40 insurance companies and can help you find the right policy to meet your needs. Contact Shield Insurance Agency at (616) 896-4600 for a free quote today or start the quoting process by visiting this LINK and an agent will be in touch soon. Don’t wait until it’s too late to protect your assets and ensure your financial security. Purchase a personal umbrella policy today and gain the peace of mind you deserve.

Personal Umbrella Policy is The Ultimate Peace of Mind

Posted on December 11, 2023October 2, 2023 by Shield Insurance Agency

Shield Insurance Agency Blog | Personal Umbrella Policy | Home Insurance

When it comes to protecting your financial security and personal assets, comprehensive insurance coverage is essential. While most people have basic insurance policies in place, such as auto and homeowners insurance, there are additional coverage options that can provide extra liability protection and peace of mind. One such option is a personal umbrella policy.

What is a Personal Umbrella Policy?

A personal umbrella policy is a type of insurance that provides excess liability coverage beyond the limits of your primary insurance policies. It acts as an extra layer of protection, shielding your personal assets from potential lawsuits and financial loss. This blog post will explore the benefits of a personal umbrella policy and what it covers.

First and foremost, a personal umbrella policy provides additional liability protection. If you are found liable for causing injury or property damage to someone else, your primary insurance policies may have limits on the amount they will cover. This is where an umbrella policy comes in. It kicks in once your primary policies have reached their limits, providing coverage for the remaining costs.

Personal Umbrella Policy Benefits

One of the key benefits of a personal umbrella policy is that it offers coverage for a wide range of situations. Whether it’s a car accident, a slip and fall incident on your property, or a defamation lawsuit, an umbrella policy can help cover the costs of legal expenses and potential damages. This comprehensive coverage ensures you are protected in various scenarios, giving you peace of mind.

In addition to covering legal expenses and damages, a personal umbrella policy also provides personal injury coverage. This includes coverage for claims such as libel, slander, false arrest, and invasion of privacy. Personal injury claims can be costly, and having the extra coverage provided by an umbrella policy can help protect your financial security.

Property Damage Coverage

Property damage coverage is another crucial aspect of a personal umbrella policy. If you accidentally damage someone else’s property, such as their vehicle or home, your umbrella policy can help cover the costs of repairs or replacement. This coverage extends beyond the limits of your primary policies, ensuring that you are fully protected in case of a costly accident.

When it comes to insurance claims, having a personal umbrella policy can make the process smoother. In the event of a claim, your umbrella policy will work in conjunction with your primary policies to provide the necessary coverage. This means that you only need to deal with one insurance company, simplifying the claims process and saving you time and effort.

It’s important to note that a personal umbrella policy does not replace your primary insurance policies. Instead, it supplements them, providing additional coverage when needed. This means that you still need to maintain adequate coverage on your primary policies to ensure that you are fully protected.

Contact Shield Insurance Agency

Now that you understand the benefits of a personal umbrella policy and what it covers, you may be wondering how to get one. Shield Insurance Agency represents over 40 insurance companies and can help you find the right policy for your needs. Contact Shield Insurance Agency at (616) 896-4600 for a free quote today or start the quoting process by visiting this LINK and an agent will be in touch soon. Don’t wait until it’s too late – protect your financial security and personal assets with a personal umbrella policy.

Umbrella Insurance Policies

Posted on October 2, 2019March 27, 2025 by Shield Insurance Agency

Shield Insurance Agency Blog | Umbrella Insurance | Start A Quote Today!

Hello everyone, this is Tj Simmons from Shield Insurance, and today I wanted to write a blog about an Umbrella Policy, and what it actually means, and how to actually use it, and then I am going to show some examples of Claim situations that the Umbrella Policy actually came into play.

The first thing that I would like to mention when explaining an umbrella policy to someone – especially if they own a business, is there are two different types of Umbrella policy, Personal, and Commercial, Personal umbrella is for PERSONAL use (go Figure) and Commercial is for Commercial.

The purpose of an Umbrella policy in Insurance is to cover the unforeseen tragic accidents that could leave you responsible for paying out of pocket if an umbrella policy was not in force. A lot of times when we ask people what an umbrella policy is for – they tell us “it is to cover the things that my regular policy does not cover” that is false. Your Umbrella policy is there for when your regular policy limits are exhausted, and there is more money to be paid out, that your regular policy has already maxed out its coverage. That is where an umbrella comes in (You can think of it like an umbrella opens up HIGHER than you, and WIDER than you, to protect you from rain.)

Umbrella Insurance

So the Umbrella is for a payout that is higher than what your current policy is written for. The Umbrella policy covers each policy that you have, as long as the carrier that is writing all of the policies, has the right guidelines. What that means is whether it’s a Liability Claim, an Auto Claim, a Workers Comp Claim, a Home Claim, RV Claim, no matter the policy, your Umbrella policy is ready to cover any payout that has exceeded the written policy limits. The easiest example that Tammy my business partner likes to use when we are discussing with people, is a car accident.

Let us say that you ran a red light and you T-Boned a car that had a high-paying Surgeon Driving. You just broke both of his hands! (yikes) this Surgeon makes $1000/Hr, and now he cannot work because his hands are shaky from getting T-Boned by you. This surgeon’s entire life now is changed because of you. After the claim situation is handled, it is stated that you must pay the Surgeon $2 Million Dollars, for hurting his hands and preventing him from working.

Your Auto Liability limit is only $1 Million per Claim, so now without an umbrella policy in force, you as the insured are on the hook to pay $1 Million dollars out of your pocket…Get ready to go Bankrupt! So – that is why you have an Umbrella policy in play. In this scenario, your umbrella policy would cover the last $1 Million, and you would just pay your deductible out of pocket. This is what the Umbrella policy is for. Here are a few more Examples –

A Baby Sitter left a 5 month old infant unattended in a walker. The Infant toppled the walker, struck her head on the floor, and suffered Brain Damage. The parents of the Infant sued the teenage babysitter and her parents. The court awarded the infant’s parents $11,000,000.
The Insured’s Tenant Claims she became ill from Carbon Monoxide Poisoning resulting from a Faulty furnace. the Tenant Claimed Permanent brain Damage and Demanded $750,000.
A Teenager, who was destined for greatness as a softball player, Filed a $700,000. lawsuit against her Former Coach, Alleging his “incorrect” teaching style ruined her chances for an Athletic Scholarship.

All of these claims were paid out, and if there was an Umbrella Policy in place, they came into play in these scenarios. Now – think about the $11 Million – do you think their Umbrella policy covered all of that? Or do you think that Babysitter is still paying for her mistake to this day?

Thanks for reading everyone! Have a wonderful day, please feel free to reach out to me at Tjsimmons@Shieldagency.com or 616-377-4398 to Chat. Or connect on LinkedIn.