Personal Umbrella Policy in New Hampshire
Also providing personal umbrella policy to residents in Massachusetts, Maine, Rhode Island, & Vermont.
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What is a personal umbrella policy?
New Hampshire residents will find that primary insurance policies, such as auto or homeowners policies, offer substantial protection. Substantial isn’t always sufficient, though. When more protection is needed, a personal umbrella policy may be in order.
A personal umbrella policy acts as a supplemental insurance layer, generally providing extra liability coverage beyond the highest limits of one or more primary insurance policies.
Who in New Hampshire should be carrying personal umbrella insurance?
Having personal umbrella insurance isn’t only for the wealthy. Anyone in New Hampshire who’d suffer devastating losses if they faced a major liability lawsuit might want this type of policy.
The following are some examples of situations where the extra protection might be useful if someone sues:
- Wealthy individuals might want to protect their assets against opportunistic lawsuits
- Anyone owning a long-held family property may want to better insulate the property against liability lawsuits
- Boaters may want a large amount of liability coverage in case one or more people drown in a boating accident
- Dog owners may want extra liability coverage in case their dog attacks one or more persons
- Athletes participating in contact sports may want liability coverage in case they seriously injure another athlete
- Landlords may want extra personal liability coverage in case a tenant or tenant’s guest is seriously hurt at one of the landlord’s properties
To learn more about personal umbrella insurance and whether it’d be useful in a specific situation, residents can talk with an insurance agent specializing in personal umbrella policies.
What primary insurance policies can personal umbrella policies supplement?
In most cases, personal umbrella policies can extend liability protection for one or several primary insurance policies. These might include building upon the liability protections of:
Primary policies are sometimes referred to as “underlying” policies.
What are the “underlying coverage requirements” for an umbrella policy?
A key term often found in umbrella policies is “underlying coverage requirements.” The term normally refers to underlying, or primary, insurance policies.
In this case, underlying requirements refer to primary coverage that generally must be in place for the umbrella policy to cover a certain type of claim. An underlying coverage requirement can reference both the coverage and minimum limit that must be in place.
For example, an umbrella policy may only cover general liability risks if there’s a certain amount of general liability coverage in place (usually through homeowners insurance). The same could be true for auto, motorcycle, boat and other claims.
Because not meeting these requirements could jeopardize an umbrella policy’s protections, it’s important to work with an insurance agent who specializes in personal umbrella insurance when setting up an umbrella policy. A specialized agent will be able to check whether there are any underlying requirements that must be heeded, and make sure they are met by primary policies.
What are “retention limits” in an umbrella policy?
Another key term that’s somewhat similar is “retention limits.” Retention limits are primarily used when an umbrella policy might cover a claim for which there’s no underlying policy in place.
If there’s a retention limit, the policyholder usually must pay the limit before the umbrella policy will cover a claim. Retention limits function much like a deductible.
Again, an agent specializing in personal umbrella policies can help check whether there are any retention limits that come with a given policy.
What are the premiums charged for personal umbrella policies?
Personal umbrella policies frequently provide liability coverage that stretches into the millions, yet their premiums can remain quite affordable. Insurers are able to offer extensive protection at a low price because these are secondary insurance policies.
An independent insurance agent can help residents find out how much a policy would be in their situation.
How can New Hampshire residents get a personal umbrella policy?
If you’re a New Hampshire resident and want more personal liability coverage, talk with the independent insurance agents at Insurance 24. We’ll help you find a personal umbrella policy that’s right for your situation.
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