Ontario Umbrella Insurance
Think of how useful an umbrella can be. It protects you from the rain in stormy weather. Similarly, an umbrella insurance policy provides an extra layer of liability coverage above what your car and home insurance policy provide. The umbrella insurance policy will provide broader coverage for additional exposures than what the underlying policy – your home insurance or auto insurance coverage - may provide.
What is umbrella insurance?
A personal umbrella liability insurance policy fills in the gaps that your other insurance policies (such as home, auto or boating) leave behind. It provides extra liability insurance on any additional risks you might identify. Consequently, you are protected from all fronts. Umbrella insurance is part of your complete protection strategy.
Who needs umbrella insurance?
You might have several insurance policies to protect your home, your car, and various other belongings. However, policies do not often cover every possible risk and might leave you paying huge expenses out of pocket. This type of policy can alleviate the financial burden of things like legal fees in the event that you are sued or cover liabilities that exceed the limit of your other policies. If you do not want to leave any such risk up to chance, umbrella insurance is for you.
What does an umbrella insurance policy cover?
An umbrella policy is an additional layer of liability insurance over your home, car, motorcycle, cottage, and watercraft and snowmobile policies. Umbrella policies broaden the definition of your primary policy and provide additional protection to you.
An umbrella policy may also cover certain risks from the first dollar of loss or liability incurred which are not covered under the primary policies. The umbrella policy is said to "drop down" to cover them as primary insurance and fill in the gaps in the underlying policies.
How much does umbrella insurance cost?
An umbrella policy is typically inexpensive and may cost as little as $150 to $180 per year. A personal umbrella liability insurance policy is part of a complete protection strategy to provide you with peace of mind.
Be sure to speak with an insurance broker who can review your policy and determine the exact cost of adding umbrella insurance coverage to your policy.
Where can I buy umbrella insurance?
If you are looking for the extra layer of coverage that an Ontario umbrella insurance policy provides, contact us at Morison Insurance. Our insurance professionals will provide you with a quote and make sure you are properly covered. Get started today by calling 1-800-463-8074, or by filling out the form on our website.
This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.
