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Sample Personal Umbrella rates: *
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Exposures |
$1,000,000 Coverage limit rates |
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Base rate for Home & Auto |
$123 |
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Additional Auto/Motorcycle Add... |
$21 |
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Youthful driver Add... |
$30 |
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Additional home Add... |
$13 |
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Boat or other Rec. Vehicle Add... |
Varies by boat/vehicle$21-122 |
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Rental Property Add... |
$7-26 |
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Office occupancy/ Business Pursuits |
$26 |
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Incidental Farm |
$37 |
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Un-Underinsured Motorist coverage Add... |
$60 per vehicle |
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Total |
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*These are sample metropolitan Illinois rates and vary by company. Rates assume underlying liability limits of $300,000 CSL or $250,000/500,000/100,000. For a more accurate rate please call our office. Rates are lower in rural areas. Coverage must be applied for and approved by the company before coverage can be bound. Rates as of 3/05.
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Additional Umbrella Coverage Limits |
Multiply $1,000,000 total by: |
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$2,000,000 |
1.75 |
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$3,000,000 |
2.25 |
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$4,000,000 |
3.0 |
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$5,000,000 |
3.75 |
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Limits up to $50,000,000 |
Application must be made to company |
WHY TO PURCHASE AN UMBRELLA OR EXCESS LIABILITY POLICY*
- Provides excess liability limits over your home, auto and business policies that do not provide adequate coverage.
- Worldwide liability coverage is normally* provided by an umbrella policy; not by most auto, home or business policies.
- Provides "Peace of Mind".
FACTORS TO CONSIDER WHEN CHOOSING AN UMBRELLA LIMIT
- Consider the economic damage you could cause someone else, should you be held responsible for injuring them. (i.e., hurting an executive making $100,000 per year who can't work for 10 years, or a surgeon making $500,000 who can't work for 5 years, or running a semi-trailer off the road carrying six new Mercedes @ $130,000 each, or a school bus full of children).
- Also consider, in addition to the above, that a Pain & Suffering judgment can also be assessed.
- It is not necessarily what you are worth that determines the amount of the suit, but sometimes whom, or what, you economically hurt that determines the limit.
- Consider that the insurance company's obligation to defend the insured ends when the policy limits are paid. Higher umbrella policy limits keep the cost for attorneys and other legal fees the insurance company's responsibility; not yours.
- Consider your assets and future life-style you want to protect.
- Umbrella limits are available from 1 to 10 million, and on a special needs basis, up to 50 million.
- The chance of a large claim is very small, which is why umbrella premiums are very little.
*Not applicable to all umbrella policies. Umbrella policies do vary in the coverage provided. Many umbrella polices are only extensions of the underlying policies they go over (ie: excess). Each policy must be reviewed on its own to determine the coverage provided.
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