Umbrella insurance can protect you from liability limits on your homeowners and automobile insurance policy.

It is not uncommon for a jury to award damages that exceed those limits. An umbrella insurance policy will provide coverage when your automobile or homeowners liability limits have been exhausted.

Homeowners, Business, Auto, Property, Liability, Life – chances are you already have two or more of these policies to protect your assets and family against unforeseen adversity. In addition to these standard policies, many home and business owners additionally opt for Umbrella Insurance. The purpose of Umbrella Insurance is to provide additional financial protection when, and only when it is needed, under a particular set of circumstances.

Umbrella Liability Coverage can be referred to as excess liability or personal liability insurance is not a stand-alone policy. It is supplemental to other liability policies that most home and business owners already have, such as auto, homeowners, and tenant coverages. Umbrella Insurance ‘activates’ when the liability coverages on those other policies have been exhausted. Additionally, in certain cases, Umbrella Insurance policies can also be written to provide a broader form of coverage to include damages not covered by the underlying policies. These include libel or slander and may be used to assist to underwrite the costs associated with any legal fees.

What makes an Umbrella Insurance policy especially important is a bit beyond the obvious. Not only can your possessions be protected by this type of policy, but also your investments, checking, and savings accounts. In addition, your estimated future income stream can also be protected. Yes, the money you have not even made as yet can be considered a viable asset. A potential future asset that needs to be protected now. Should you ever become the target of a lawsuit for sums in excess of your existing coverages, your expenses to defend yourself will have to come out of your pocket. This action alone could create financial hardship. For thousands of our clients, Grillo & Associates has assisted policyholders in 19 states including New York to find Umbrella Insurance policies to eliminate the possibility of financial ruin due to, for example, a car accident where the policyholder is found liable.

Who Needs Umbrella Insurance?

The majority of Umbrella Insurance policyholders have one or more of the following:

Have significant investments/savings accounts.
Property owners, especially investment properties and properties occupied by tenants.
Own a business.
Have a swimming pool or trampoline on their property.
Have a property with close neighbors and mature trees.
Engage in sports such as skiing, surfing, fishing, and hunting.
Coach non-professional sports teams.
Certain breeds of dogs are considered to be aggressive.

What Does Umbrella Insurance Cover?

There are three general categories for this coverage:

Bodily Injury: This will cover the cost of injuries to another person or persons including their medical bills, and liability claims for injuries resulting from:
-Others due to a vehicle accident where the policyholder is found to be at fault.
-Others injured by a pet owned by the policyholder.
-Guests/tenants at the policyholder’s residence or investment property due to a fall or similar accident.
Property damage coverage for liability due to damage/loss to another’s property and may include costs associated with:
-Damage to property/vehicles resulting from a car accident caused by the policyholder.
-Claims in connection with property damage to others’ assets. (i.e. Your tree falls across your neighbor’s driveway, crushing a parked car.)
-Your child accidentally destroys school property.
Umbrella insurance covers other actions you may be sued for, such as:
-Slander (an injurious spoken statement impactful to your community standing, etc.)
-Libel (an injurious written statement that negatively impacts your brand.)
-False arrest, detention, or imprisonment.
-Malicious prosecution.
-Mental anguish or shock.

Grillo & Associates assist home and business owners to find the right Umbrella Insurance in New York and the other 18 states where we are licensed. An Umbrella policy provides the peace of mind you need for protection should the unforeseen occur.

While we serve nearly 20 U.S. states, Grillo & Associates is headquartered in New York. Our Umbrella insurance policies can be tailored to meet your specific requirements and your budget. For example, Umbrella Insurance coverage amounts are written in increments of $1 million. Since the majority of risk is paid by your primary automobile insurance or home policies, a personal umbrella policy is relatively inexpensive. Get an umbrella insurance quote now.

The Grillo & Associates insurance agency is licensed to write New York Umbrella Insurance as well as in Arizona, California, Connecticut, Delaware, Illinois, Maine, Maryland, Nevada, New Hampshire, New Jersey, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Texas, Vermont, Virginia.

We make getting an insurance quote easy.

Click on “Get A Quote Now” or call us at 1-800-772-0627 or (516) 798-0320. Speak with one of our team members about your insurance needs.

Grillo & Associates has a reputation of providing excellent service.

Contact our office today. Our team of specialists will assist you in determining what policy would be best suited for your insurance needs.