What are the best umbrella insurance companies? There are unexpected events and situations in which we sometimes find ourselves. The events can also become financial battles and be difficult if we are not prepared and well-equipped. This is why you need umbrella insurance, which gives you the financial security you need to pass through this difficult phase.
For instance, if you are on a trip with your kids and you are enjoying the sun while your children are playing, if, unfortunately, there is an unexpected accident involving a passerby and your kids while they are playing, this exposes you to possible damages and legal fees and can drill a hole in your pocket.
Well, not anymore, because you have the right policy and coverage plan to help you in situations and give you financial security and peace of mind. Nevertheless, if you want to protect your financial future, then you should consider umbrella insurance. So, you will discover the best umbrella insurance companies to choose from.
8 Best Umbrella Insurance Companies
Here are the best umbrella insurance companies that I have put together. Each of them offers different services and coverage options. So, it is up to you to find out if you need their coverage or not. Keep reading for more information.
- Geico
- Chubb
- Allstate
- Travelers
- Liberty Mutual
- USAA
- State Farm
- The Hartford
1. Geico
Geico is the best umbrella insurance company for bundle coverage. In other words, if you would like to add various policies together and save money on them, Geico offers such a service. They also have a convenient mobile app you can use, a high customer rating, and 24/7 customer support.
2. Chubb
If you are from a high-net-worth family, then you should consider Chubb. There are numerous customizable policies available, but you have to contact them to find out the price. Moreover, if you get sued, legal protection will be offered by Chubb. You can also access high liability limits of up to $100 million.
3. Allstate
Allstate is among the most popular insurance companies in the United States, and one of the insurance policies they offer includes umbrella insurance. If you are someone who travels a lot, you will get the best coverage from Allstate.
4. Travelers
For small business owners, Travelers is the perfect umbrella insurance provider to use. They offer four different policy types, and you can enjoy a coverage limit of $10 million. Additionally, travelers have adjustable and flexible terms for their business needs. However, if you would like to get a quote, you will have to contact an agent.
5. Liberty Mutual
One of the best umbrella insurance companies is Liberty Mutual. Furthermore, they have many policies available and enjoy a coverage limit of over $100 million. But if you are interested in getting a quote, you will need to contact an agent, and the same goes for customer support. Nevertheless, if you get a policy for your business, you can get crisis management support.
6. USAA
USAA is a suitable umbrella insurance company for people in the military community. Furthermore, they provide a coverage limit of $5 million, and they have only one policy type. Nevertheless, if you are a military service member, family member, or veteran, you can access discounts too.
7. State Farm
State Farm is one of the best umbrella insurance companies and is perfect if you need a policy that you can customize. Moreover, they have a wide range of coverage options, and you can manage your quote through a single agent. In addition, State Farm offers landlord liability, hostile prosecution, bodily injury, slander, and property damage.
8. The Hartford
Hartford is one of the best places to purchase a good umbrella insurance policy. They also have a lot of good reviews online and are the perfect choice for business owners’ policies and comprehensive coverage. What’s more, its maximum coverage begins at $1 million to $5 million.
How to Find the Best Umbrella Insurance Company
A lot of people who are new to the world of umbrella insurance experience difficulties finding the best umbrella company to use. This is why I created this special section where you can find some helpful tips you can use when shopping. So, here are a few things you need to know and do when you want to purchase an umbrella insurance policy:
- Review the base policies required.
- Compare the cost of insurance quotes.
- Analyze coverage amounts.
- Choose an umbrella insurance company that works best for you.
- Look out for discounts.
- Gather information.
- Think about what type of coverage you need.
You also need to find out what these insurance providers do not cover to see if they are best for you or not.
How Much Umbrella Insurance Do I Need?
Determining the appropriate amount of umbrella insurance depends on various factors, including your assets, potential liabilities, and personal circumstances. Umbrella insurance is designed to provide additional liability coverage beyond the limits of your primary insurance policies, such as homeowners or auto insurance.
Here are some general guidelines to help you assess how much umbrella insurance you may need:
- Evaluate Your Assets: Consider the total value of your assets, including your home, savings, investments, and other valuable possessions. The more assets you have, the more liability coverage you may need to protect them in the event of a lawsuit.
- Assess Potential Risks: Identify potential risks associated with your lifestyle or occupation. If you engage in activities that could increase the likelihood of a lawsuit (e.g., owning a swimming pool, having a dog, participating in high-risk sports), you may need more coverage.
- Review Existing Insurance Policies: Take a look at the liability limits of your existing insurance policies, such as homeowners and auto insurance. Your umbrella policy should provide additional coverage beyond these limits.
- Consider Future Income: Think about your future earning potential. If a court judgment exceeds your insurance coverage, your future income could be at risk. An umbrella policy can provide an extra layer of protection.
- Consult with an Insurance Professional: It’s advisable to consult with an insurance agent or financial advisor who can assess your specific situation and provide personalized advice. They can help you determine an appropriate coverage amount based on your assets, risks, and financial goals.
- Minimum Recommended Coverage: While specific recommendations vary, it’s common for financial advisors to suggest starting with a minimum of $1 million in umbrella insurance coverage. Depending on your circumstances, you may need more.
Keep in mind that the cost of umbrella insurance is relatively affordable compared to the additional coverage it provides. It’s crucial to regularly review your coverage with your insurance professional to ensure it remains adequate as your financial situation evolves.
