The 6 best Umbrella insurance companies for 2020

Umbrella insurance is a type of liability insurance that adds additional coverage to other policies, called basic policies. These basic policies include auto, home and tenant insurance policies. Comprehensive insurance is essential for anyone with high net worth or afraid of being sued.

Umbrella insurance covers personal or business liabilities, depending on the type of policy you purchase. Car accidents, dog bites, pool accidents, slip and fall accidents are all examples of the types of claims covered by personal parachute policies. Accidents in company cars or injuries in the workplace are scenarios that may justify the need for a comprehensive business policy.

While personal comprehensive insurance is intended for high net worth individuals or at risk of litigation, commercial insurance is a good option for small business owners who want to protect themselves from financial damages arising from third-party claims.

The 6 Best Umbrella Insurance Companies of 2020:

Liberty Mutual: Best Overall
Chubb: Best for High Net Worth Families
USAA: Best for the Military Community
Travelers: Best for Small Business Owners
Geico: Best Bundled Coverage
Allstate: Best for Avid Travelers

Best Overall: Liberty Mutual

Since 1912, Liberty Mutual has provided a large number of insurance products and services « to meet the evolving needs of our customers ». The company maintains an A (Excellent) rating from AM Best. Coverage limits start at $ 1 million for comprehensive insurance to cover liabilities, attorneys’ fees, and other expenses associated with your claim against you and your family.

When it comes to universal commercial insurance coverage, Liberty Mutual goes even further by offering coverage of up to $ 35 million on Liberty Mutual Insurance’s primary liability policies and up to $ 25 million. Dollars on policies from another provider. This means that you are not required to purchase other commercial insurance policies with Liberty Mutual to be eligible for full commercial coverage.

Additionally, Liberty Mutual’s unique crisis management support enables companies to obtain up to $ 250,000 in consulting to manage any brand or reputation issues that may arise as a result of a complaint.

Why we choose it: Liberty Mutual offers high coverage options without the need to underwrite basic policies through Liberty Mutual, providing maximum flexibility in purchasing and managing comprehensive insurance.

Best for High Income Families: Chubb

Chubb has been around since 1882 and specializes in a variety of insurance products for high net worth individuals. It has built a reputation for itself as the largest publicly traded property and casualty insurance company as well as the largest commercial insurance company in the country. It maintains the highest possible AM ​​Best rating, A ++. The company offers comprehensive personal and business insurance ranging from $ 1 million to $ 100 million.

Comprehensive insurance policies with Chubb cover all legal costs arising from a covered event plus any settlement amount – legal defense costs are not part of the coverage limit. The policies also protect you from libel lawsuits that may harm your reputation. In addition, it will give you an extra layer of protection in the event of an accident with an uninsured or uninsured driver. Although Chubb does not offer insurance in all 50 states, it does have 44 branches in various parts of the United States.

Why we choose it: Chubb offers personalized canopy policies with up to $ 100 million in coverage to fulfill the greater responsibilities of those who have the most to lose in real or frivolous lawsuits.

Perfect for the military community: USAA

Founded in 1922 by several military officers, the USAA began as an auto insurance company. Today, it serves nearly 13 million current and former military personnel and their families with a number of different insurance products. USAA has the highest possible AM ​​Best rating, A ++ for superior financial strength. With his personal canopy insurance policy, you can get anywhere from $ 1 million to $ 5 million in coverage for as little as $ 19 a month.

Members can only purchase comprehensive insurance from the USAA, which means you must be a military, veteran, or family member. In addition to being a member, you must also have USAA vehicle insurance to qualify for a comprehensive policy. This allows businesses to reduce coverage gaps and simplify the claims process. USAA members have the option to maintain home owner coverage through the USAA or another moving company.

USAA offers personal umbrella insurance policies in all 50 states. There is no option for comprehensive commercial insurance.

Why we chose it: USAA offers service members, veterans, and their families rates as low as $ 19 a month with discounts available only to members

Ideal for the small business owner: Travelers

Travelers have been in the insurance business for over 165 years and employ 13,500 independent agents and brokers in the US, Canada and the UK. The company offers comprehensive personal and business insurance for all types of businesses.

Travelers maintain the highest A ++ rating with AM Best, the highest possible rating. Policies are available in all 50 states.

Personal umbrella coverage ranges from $ 1 million to $ 10 million. To get higher limits, you will need a special subscription. Passengers also offer four types of increased coverage for business owners, which include standard umbrella, excess liability, single canopy and excess excess coverage. Policies start at $ 1 million in liability insurance and grow with income, assets, and overall risks.

Umbrella Traveler insurance provides comprehensive liability protection arising from claims relating to home, car, boat, or recreational vehicle insurance policies. While you don’t have to have basic policies with travelers, you may get a lower premium for doing so.

Why we choose them: Travelers offer several types of canopy covers for business owners, making them flexible and adaptable to the needs of small businesses.

Perfect for group coverage: Geico

Since its inception in 1936, Geico has grown exponentially. Although it is primarily known as the auto insurance company, Geico offers a number of other products, including personal comprehensive insurance in all 50 states. The company maintains an A ++ rating for AM Best’s financial strength. If you want to purchase a comprehensive insurance policy with Geico, you must also purchase auto insurance from them, unless you live in New York or New Hampshire.

Geico also requires that you have certain minimum limits of liability on auto, home and boat insurance policies (if applicable) before you can be eligible for comprehensive coverage. Your insurance company can offer you $ 1 million in coverage in addition to auto and home insurance policy limits.

Geico offers a multi-policy discount when purchasing comprehensive, auto and home policies. It can save you money as a package and avoid the extra fees. There may be additional fees to insure your home with another insurance company.

Why we chose it: Geico offers discounts when compiling your policies, which help offset the cost of the additional insurance policy.

Best for enthusiastic travelers: Allstate

Allstate entered the insurance market in 1931. The company’s mission is to be « in good hands » and to protect its clients with a variety of insurance products. Allstate offers comprehensive personal and business insurance and maintains an A + rating with AM Best.

Personal parachute policies range from $ 1 million to $ 5 million, a $ 1 million increase. These policies cover you specifically in the event of a loss – assume something like a car accident while driving in a foreign country. Commercial coverage starts at $ 1 million depending on where commercial insurance is purchased and the overall risk needs of the company.

Allstate is intended for boat owners and those who rent boats while on vacation. Its policies are priced to include responsibilities for boating accidents such as jet skiing while staying in Lake Tahoe. Legal coverage extends to any situation where you have an accident or assume liability, which makes the document highly transferable.

Why choose it: Allstate’s comprehensive insurance will cover you regardless of the state or country in which the accident occurred and for any reason, including driving in a foreign country, boats or a motorhome.

What is a Umbrella insurance policy?

A comprehensive insurance policy provides additional liability coverage for a variety of other policies. It can be used to supplement home and auto insurance, as well as increase coverage for boat, rental and vacant land policies.

As long as you have one or more of these basic insurance policies with minimal coverage amounts, you may qualify for comprehensive insurance.You may even find that investing in a comprehensive policy is less expensive than increasing the liability limits for many of the basic policies.

How does an umbrella policy work?

The comprehensive insurance policy goes beyond the boundaries of other core policies – meaning that the primary policy will take first place in the claim, and then the umbrella begins when the primary policy reaches its limit. For example, if you throw a pool party and one of your son’s friend slips in, falls into the pool and suffers $ 500,000 in injuries, your home insurance will only pay up to its limits, which could be $ 500,000. Only $ 100,000. With a canopy offering an additional $ 1 million coverage, you get the coverage.

The same general policy will apply if you are responsible for a motor vehicle accident where the vehicle collided with a building, causing $ 400,000 in structural damage. If your auto insurance is up to a maximum of $ 250,000, Umbrella pays an additional $ 150,000 and all legal fees for your defense.

What is not covered by umbrella policy

Unfortunately, not everything is covered by a comprehensive insurance policy. Pays excess liability for bodily injury, bodily injury, property damage, owner’s liability and business-related losses. However, it will not protect you from losses related to your business, personal baggage, verbal or written contracts, or any intentional or criminal act.

Does Homeowners Insurance Cover a Civil Lawsuit?

Some home insurance policies cover liability claims like your dog biting an elderly lady, but at a maximum. Many homeowners maintain a minimum liability coverage of $ 100,000.1 If your civil lawsuit costs you $ 400,000, a Master Policy claim is submitted to cover the unpaid increase under the Homeowners Policy. Ultimately, this can save you $ 300,000 or more in personal expenses.

How Much Does Umbrella Insurance Cost?

According to the Insurance Information Institute, you may be able to secure comprehensive coverage of $ 1 million at between $ 150 and $ 300 per year. 2 You can expect to pay $ 75 for the next million and $ 50 for every additional $ 1 million. Coverage. After this.

If you have few complaints and have not engaged in high-risk activities like jet skiing or mountain biking, this can be very affordable. Combining your comprehensive insurance with car owner and homeowner policies can lead to cost savings as well as discounts.

How do we choose comprehensive insurance companies

To choose the best comprehensive insurance companies, we compared 10 of the best national insurance companies available. In evaluating each company, we paid close attention to several factors, including liability limitations, legal coverage, pricing, the application process, and cases involved. In addition, we checked whether personal comprehensive insurance, commercial comprehensive insurance, or both are available.