Protect Your Personal Assets with Barber Insurance Agency

Trusted Umbrella Insurance Provider in Raleigh, NC for Over 20 Years

Personal Umbrella Insurance Explained by the Experts

A Surface-Level Explanation of Umbrella Coverage In North Carolina

Personal umbrella insurance, or PUP, is a special policy that extends the home, life, and auto liability coverage you already have. It acts as an extra layer of protection if a serious– and financially extreme– accident happens that exceeds your coverage limit. Should a person decide to sue you for damages or injury beyond the limit your policy is willing to cover, your umbrella policy will kick in and cover the difference. It shields you from financially devastating liability claims and protects you, your family, and your assets from ruin.

Protect Your Future Today!

Don’t Get Caught In the Rain

Everything You Need to Know About Umbrella Insurance with Barber

An umbrella insurance policy adds an extra layer of protection that protects you from potential liabilities associated with your profession, lifestyle, or property. It may even cover lost wages as a result of court appearances. Depending on your plan, you and members of your household may be covered against lawsuits for injury, property damage, defamation, slander, or landlord liability. Other examples include:

  • Pet Attacks
  • Problems Overseas
  • Damage to Rentals
  • Court Costs
  • General Excess Costs that Exceed Your Current Limits

Consider a scenario where you get in an auto accident and seriously injure the other driver. If they sue, your auto insurance will only cover a certain amount of the associated costs and damages. Anything above that amount will come out of your pocket. Umbrella policies step in once your primary insurance maxes out, taking on the excess financial responsibility.

Umbrella insurance primarily extends coverage you already have, but some policies cover gap areas between policies. Still, like all insurance policies, there are things excluded from coverage. Some such exclusions include:

  • Personal injuries or damage to personal property
  • Injury or damage on properties owned by your business
  • Criminal Liability
  • Intentional Actions
  • Liabilities associated with personal contracts 

For example, drunk driving accidents are not covered by any insurance policy, umbrella policies being the least of these. Entering into an agreement with a contractor and failing to pay for services is another good example. Additionally, businesses have their own umbrella policies that extend insurance coverage, so they cannot be included in your personal policy.

In order to properly identify how much coverage you need, it is best to speak with a Barber Insurance agent directly because our policies are highly customizable and tailored to your needs specifically. No two individuals will have the same umbrella needs, so we keep that in mind when crafting your policy. Still, considering three factors can help you get a rough estimate of how much coverage you will need.

  1. Calculate the total value of your assets. This is a tricky task to take on yourself, but you can start with the value of your home as well as other physical items you own, like cars, boats, vacation homes, etc. Next, add in your intangible assets such as savings accounts, retirement, stock, and life insurance policies. 
  2. Review your homeowners’ policy to assess how much coverage you currently have. Is it enough to fully protect your assets if a lawsuit arises? In other words, do your intangible assets outvalue your home?
  3. Consider additional high-value items you want to protect. Do you also carry a boat, motorcycle, or other insurance policies on items that may have liability risks? 

You can also think of these things in terms of what you might liquidate to cover the costs of different financial risks. Following these steps will not get you all the way there; however, they will give you the information you need to schedule a consultation with a Barber Insurance expert.

To obtain an umbrella insurance policy in Raleigh, North Carolina, you must already have active insurance policies for it to extend. Additionally, most agencies, including Barber Insurance, require certain coverage limits to extend coverage for property and auto insurance. The reason is insurance companies want to ensure they are splitting the financial risk with another party and not taking on the entire burden.

Coverage requirements vary for every policy, so the best way to ensure that you are receiving the most accurate information is to reach out to an insurance expert. Finding the answers you need is easy with Barber Insurance because our passion is insurance education. All you have to do is reach out for a consultation, and an experienced umbrella insurance agent will come to you.

The Advantages of Personal Umbrella Insurance in Raleigh-Durham, NC

Are You Covered if Your Worst Case Scenario Becomes A Reality?

Personal umbrella insurance can be beneficial in a number of ways. By nature, it protects you and your family’s lifestyle from major financial risks. Still, it is worth more than just extending your policy limits and keeping your out-of-pocket responsibilities low. As a rule of thumb, umbrella coverage is worth the investment if your personal assets exceed the amount of coverage you currently have. Additionally, adding an umbrella to your current policies is more cost-effective than increasing your policy limit because it is generally seen as a less-risky payout by insurance companies as opposed to primary insurance. They feel they are at less financial risk because their obligation only kicks in once the primary limit is maxed.

Another benefit of this policy is that it may protect you from accidents not covered in your primary contract. A great example of this takes place during travel, specifically on trips out of the country. Liability for an accident while traveling abroad will still be under the umbrella as long as nothing illegal occurred on your behalf.

The main benefit is extra coverage at a lower cost. Finding that your insurance does adequately cover your assets in light of a devastating event is a problem. Consult with a Barber Insurance agent today because if you wait until you need it, you will have missed your chance.

Are Umbrella Insurance Policies Only for the Wealthy?

Personal Umbrella Coverage FAQs in North Carolina

At Barber Insurance, we know that umbrella insurance comes with a lot of questions. Below are some of the most common ones we receive. If you do not find your answer, please reach out to one of our friendly and thorough agents.

This concept is a gross misconception. PUP policies are for anyone who has more assets than they have insurance to cover them. While you do need primary policies in place before you can add umbrella coverage, everyone has the potential for a liability lawsuit.

Our policies cover you, your wife, and any dependent living in your household. Additionally, coverage is applied to any persons listed on the policy declarations.

Absolutely! Just because you do not own your home or your car does not mean you do not have the potential to be sued. Umbrellas protect you from liability in case of an accident and can be life-saving in ensuring that you do not lose your income due to reparation.

This is the million-dollar question. The answer is dependent on the total value of your assets compared to the total amount of insurance coverage you already have. You want to ensure that you have enough of an umbrella to cover extreme liability financial situations, so you should also consider your lifestyle to assess what kind of lawsuits you may encounter. The best way to have confidence in the level of protection you have is by speaking with an experienced agent, like the experts we have at Barber Insurance.

Flawless Personal Umbrella Insurance in Raleigh-Durham, North Carolina

Trusted Policy Providers Protecting Raleigh Residents Since 2000

Barber Insurance understands the importance of umbrella insurance and the difference it can make in your life. We understand the benefits fully and enjoy helping people ensure they are covered in all of the areas that need it most. With our services, you are guaranteed the most comprehensive umbrella coverage at competitive rates because we understand that protecting your family is the most important thing. Our umbrella policies come with an increased sense of security and peace of mind because you are assured you will have protection when faced with the most difficult situations.

We work with our clients as partners to establish a relationship of mutual trust. In this way, we can learn about your needs, give honest answers to your questions, and customize an insurance policy that covers every base at whatever price you need. When you choose Barber for umbrella Insurance, you can be sure that we will have your back no matter what life throws your way. Let our experienced and helpful agents guide you through this long and arduous process by scheduling a consultation with one of our insurance experts. We promise you will be happy you did.

Family of three smiling