Umbrella Insurance

You know the saying, “When it rains, it pours.” Even if you have adequate homeowners and auto insurance coverage, umbrella policies help to cover large, unexpected losses and other gaps in coverage. An unexpected situation could wreak financial havoc and deplete your savings. For this reason, our clients in Michigan choose umbrella insurance to minimize their risk and maintain their long-term financial security.

Umbrella insurance keeps you protected from the worst-case scenarios and accidents. It provides additional coverage beyond the limits of your home, auto, and boat insurance policies and covers unexpected events, such as:

  • A guest falling in your home and injuring themself
  • Someone suing you for slander because of a social media post
  • Your dog biting a stranger
  • A friend’s child injuring themself in your pool
  • An auto accident that results in serious injury to another driver

How Much Umbrella Insurance Coverage Do I Need?

There is no “right” amount of umbrella coverage to select. There are several calculators out there to determine the amount of coverage that is deemed appropriate, but ultimately it is an individual preference for the amount of risk you feel comfortable with. Some factors to consider may be your net worth, the amount of exposure you have, and current liability coverage on your other policies.

Limits for umbrella insurance policies are typically offered in increments of $1 Million, and generally max out at $5 Million. Doeren Mayhew Insurance Group also provides access to carriers under our Private Client Services that can offer coverage above and beyond these limits, up to $30 Million in specialized cases.

The ample protection provided by umbrella insurance keeps your hard-earned assets secure and safe from unforeseen issues. Requesting a quote is the first step toward achieving much-needed peace of mind.

How Much Does Umbrella Insurance Cost?

Umbrella insurance policies can be very affordable. Premium costs are determined by coverages on your other policies, including home and auto insurance, how many people reside in your home, how many vehicles are on the policy, and how many drivers you have. A quote for umbrella insurance takes into account your net worth, risk factors, and current liability coverage.

On average, premiums range from $200 to $1,000+ per year depending on your individual risk factors and the amount of coverage you select. Given the amount of coverage that these policies provide, they offer a surprisingly affordable safety net for many individuals. Umbrella insurance policies offer more robust coverage than simply increasing the limits on your existing policies.

How We Can Help

At Doeren Mayhew Insurance Group, we are proud to provide our clients throughout Michigan with peace of mind, enabling them to enjoy the lives they’ve worked hard to build. Our policies are tailored to your specific assets and future plans to ensure you’re adequately covered for whatever comes your way. Request a quote, or call us at (248) 290-0650 to discuss your options.

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