Umbrella insurance might cover personal and business obligations depending on the type of policy you select. Personal umbrella plans commonly covered claims include car accidents, dog attacks, pool mishaps, and slipping and falling incidents.
Reputable insurers with years of expertise in the insurance market offer the best umbrella insurance coverage. You can expect these plants to be reasonably priced, suited to your needs, and available for personal and business use. They'll offer things like a defense against third-party lawsuits.
1. Liberty Mutual
Liberty Mutual has been offering a diverse range of insurance products and services since 1912 to meet the evolving needs of its clients. It consistently earns an "A" (Excellent) rating from AM Best, underscoring its reliability and financial stability.
For individuals and families, Liberty Mutual provides personal umbrella insurance that covers legal fees, damages, and other expenses in the event of a claim against you or a family member. This coverage offers significant protection against potential financial liabilities.
On the commercial side, Liberty Mutual offers umbrella insurance coverage with limits up to $35 million above its own liability policies and $25 million above those of other providers. Notably, obtaining additional Liberty Mutual commercial policies is not a prerequisite for securing commercial umbrella coverage.
Furthermore, Liberty Mutual enhances its support for businesses with specialized crisis management consulting, offering up to $250,000 in assistance in the event of a claim. This proactive approach helps businesses manage crises effectively and mitigate potential repercussions.
2. Chubb
Chubb has been a trusted provider of insurance products to high-net-worth individuals since 1882, establishing itself as the largest and most profitable property and casualty insurance company in the nation. It consistently achieves the highest AM Best rating of A++ (Superior), reflecting its exceptional financial strength and stability.
Chubb offers both personal and business umbrella insurance policies with coverage starting at one million dollars. These policies comprehensively cover all legal expenses associated with a covered claim, including defense costs, without regard to the size of the settlement. This coverage extends to lawsuits for defamation of character, protecting you from claims based on false statements. Additionally, Chubb's policies provide enhanced protection in incidents involving uninsured or underinsured motorists.
While Chubb's insurance coverage is extensive, it is not available in all 50 states. However, the company maintains a strong national presence with 44 offices across the United States.
3. USAA
USAA was founded in 1922 by a group of Army officers as an automobile insurance company. Today, it serves nearly 12 million members, including active-duty military personnel, retirees, veterans, and their families, providing a comprehensive range of insurance options. USAA is highly regarded for its financial stability, evidenced by its A++ rating from AM Best, the highest possible score.
Personal umbrella insurance from USAA is available for as little as $20 a month, offering coverage amounts ranging from $1 million to $5 million. To be eligible for umbrella insurance, you must be a current or former service member, a veteran, or a family member of one. Additionally, umbrella policyholders are required to be USAA members and must have their auto insurance through USAA. This integration minimizes coverage gaps and streamlines the claims process. While members have the flexibility to choose their homeowners insurance provider, whether USAA or another company, it is not a requirement for obtaining umbrella insurance.
4. Travelers
Founded in 1864, Travelers is one of the oldest and largest insurance companies in the United States, Canada, and the United Kingdom. Umbrella insurance for individuals and businesses of all kinds is available from this provider.
An A++ Superior rating from AM Best is Travelers' highest possible ranking. Each fifty state has some insurance policy offered to residents.
An individual's umbrella policy can cover anything from $1,000,000 to $10,000,000 in damages. Special underwriting is required for higher limits. A conventional umbrella, excess liability, monoline umbrella, and excess surplus are all options for business owners looking for additional coverage. Liability insurance policies begin at $1 million in coverage and can increase as revenue, assets, and total risk increase. Increase in risk rises.
As a Travelers umbrella policyholder, you'll be protected from claims from your house, auto, boat, or recreational vehicle policies. Travelers do not need you to have underlying insurance, but if you do, you may be eligible for a discount on your policy.
5. Geico
Geico has developed tremendously since its inception in 1936. Individuals in every 50 states can purchase Geico's umbrella insurance policy, even though the firm is best known for its vehicle insurance. AM Best's financial strength rating for the company is A++.
If you live in New York or New Hampshire, you can get umbrella coverage with Geico without getting auto insurance from them.
To be qualified for umbrella insurance from Geico, you must also have specific minimum liability limits on your vehicle, home, and boat insurance policies (if applicable). In addition to the coverage provided by your auto and house insurance policies, the insurer may offer you an additional $1 million in protection.
You'll get a discount when you buy a vehicle, house, and umbrella insurance from the same company. This can save you a lot of money and protect you from being hit with additional fees. Having your home insured through a different company may result in a fee.
