Umbrella Insurance

Insurance for Peace of Mind

If a disaster strikes in your personal or professional life, and you're held liable, you may be out of luck once your existing insurance policy limits run out. That's why you need umbrella insurance.

An umbrella insurance policy kicks in when you've exhausted other existing policy limits but remain on the hook for additional damages. This comes in handy especially in situations involving lawsuits. A ruling can be so expensive--far beyond what you have on hand or even in savings--that you'd be completely ruined financially without an umbrella insurance policy.

Looking for the best umbrella insurance policy in Florida? 

Look no further than Ted Todd Insurance. We are proud to be one of the top-rated Allstate agents in the country, and we can offer you some of the best rates around on umbrella insurance policies. 

Whether you're looking for personal umbrella insurance policy or coverage for a business, we can help you find the right policy to protect your assets. Contact us today to get started with a 100% free quote!

What Is Umbrella Insurance?

You know about auto insurance and homeowners insurance, but why would someone need umbrella insurance on top of all that liability coverage?

An umbrella insurance policy is designed to protect your assets from damage claims against you, dependents, and pets. Your umbrella insurance coverage starts paying out after liability insurance from your homeowners insurance or auto insurance policies runs out.

This can mean you owe more than your liability coverage can handle, which can cause tremendous financial hardship. Your assets are at risk if you don't have the liability coverage you need, which is where umbrella insurance comes in.

What Does Umbrella Insurance Cover?

Umbrella insurance covers you with additional protection in many situations. They include the following:

• Lawsuits such as slander or libel

• Injuries caused by pets

• Damage to other people’s property

• Liability while traveling

How Much Does Umbrella Insurance Cost?

As with any insurance coverage, the cost of umbrella insurance coverage depends on many factors. Consult an experienced umbrella insurance agent for your specific situation.

However, generally, there are a few factors that play a part.

They include the following:

• Location

• Level of coverage

• Size of family

What Qualifications Do I Need for Umbrella Insurance?

You may wonder if you qualify for umbrella insurance, as there are a few factors that could put umbrella coverage out of reach.

Of course, you should speak to an experienced umbrella insurance agent to go over factors specific to you, but there are a few qualification areas that may apply.

Let's take a look at some qualifications for umbrella insurance.

Driving Experience and License Qualifications

• Named insured and spouse must have 3 years driving experience in the United States, territories of the United States, or Canada if listed as a rated operator

• All rated operators must have a current valid driver’s license issued by the United States, territories of the United States, or Canada

Driving Record

• No major violations or license suspension (previous or current) related to a moving violation within the past 5 years

For $1-$2 Million:

• Total household incident count cannot exceed 2 within the past 3 years

• Total household incidents cannot exceed the number of cars in the household within the past 3 years

• No more than 1 incident for any resident drivers under the age of 21 or over the age of 75 within the past 3 years

For $3-$4 Million:

• Total household incident count cannot exceed 1 within the past 3 years

• Total household incidents cannot exceed the number of cars in the household within the past 3 years

Loss History

• No personal liability losses greater than $25,000 within the past 5 years

• No more than one personal liability lossless than or equal to $25,000 within the past 3 years

• No open personal liability claims at the time of application are allowed

Ineligible Risk Characteristics

Any household in which:

• Any auto operator is age 81 or older.

• Applicants do not own an automobile.

• A resident driver who is excluded from auto coverage by a “named driver” exclusion

• Any resident is in a high profile profession and is susceptible to personal injury type claims such as libel and slander. Such professions include but are not limited to:

  • Authors, editors, or publishers

  • Professional actors, athletes or entertainers;

  • Broadcasters or telecasters

  • Public lecturers, politicians, political activists;

  • Any other person well known to the general public because of their position, occupation or activities

• There is a past or ongoing personal injury claims experience such as libel or slander

• There are more than 10 automobiles

• Any resident has had any automobile, primary or secondary dwelling, or umbrella coverages cancelled or non-renewed for underwriting reasons within the past five years

• PUP written in the name of an LLC

• Properties with more than 1 LLC

• Properties with a combination of a Trust and Limited Liability Company.

• The PUP policy has UM Coverage written over $1 Million

• Named Insured owns vehicles garaged outside of the U.S. or Canada

• No more than 1 PUP policy for an individual and/or individual and spouse within a single household

Coverage Limits

• Binding Authority:

  • Maximum binding authority Up to $2,000,000 per policy

• Limits above $2,000,000 may be acceptable if all the following are met:

  • Insured must carry, at a minimum, Underlying Liability Limits 250/500/100 for Auto and $300,000 for Homeowners

  • Driving records for all drivers in the household and/or listed on the insured’s personal auto policy have been validated

  • Limits above $4,000,000 are not available

Required Underlying Limits 

• An umbrella insurance policy is available only as an accommodation to individuals who currently insure a Standard Auto policy with Allstate

• PUP effective date should be greater than or equal to the latest effective date of the supporting underlying policies

• Autos: Each named insured must have standard personal lines automobile coverage issued by Allstate. All vehicles owned and/or leased by the named insured must be insured with Allstate. Note: this includes vehicles garaged in multiple states.

• All other resident relative drivers and vehicles must be listed and rated on the PUP policy

• Vehicles owned by resident relatives are not required to be insured by Allstate

• Bodily injury and property damage liability coverage for each owned/leased auto in the household must be insured and maintain at least to the minimum required underlying limits. Failure of resident relatives to maintain required minimum limits would result in a gap in coverage at the time of loss.

• MVRs are required for all licensed resident relatives in the household, whether or not they have auto insurance through Allstate, as they are considered exposures

Umbrella Insurance FAQs (Frequently Asked Questions)

Related Umbrella Insurance Terms

• Personal Umbrella Insurance

• Personal Umbrella Coverage

• Umbrella Insurance Coverage

• Umbrella Policy

• Auto Insurance

• Homeowners Insurance

• Car Accident

• Additional Liability Coverage

• Excess Liability Insurance

• Personal Property