Personal umbrella insurance is designed to cover those liability claims that are over and above your underlying limits of liabiltiy on your home, automobile, boat etc. You are required to carry a minimum limit of liability in order to carry an umbrella. Most carriers require at least $300,000 for home and boats and $250,000/$500,000 bodily injury and $100,000 property damage for automobiles.
In a day in age where we live in a litigious society umbrella liability coverage makes sense. The coverage is generally a rider to your homeowners policy (some carriers issue a separate policy) and can be bought in limits from $1,000,000 to $5,000,000 or more depending on the carrier. The annual cost for the typical homeowner is between $120.00 to $200.00 depending on the number of underlying exposures and can be reduce with account discounts. The more exposures you have ie. homes, automobiles, boats, youthful operators the rate will increase. For an exact quote contact Cargill Insurance and we will be happy to discuss the coverages as well as premium pricing with you.