Personal Umbrella Insurance in Charleston, SC
You don’t have to be a millionaire to get sued like one.
When life takes an unexpected turn, like a serious car accident, a dog bite, or an injury on your property, the financial aftermath can be devastating. That’s where personal umbrella insurance steps in: to protect your home, your savings, your future income, and your peace of mind.
At The Ferguson Insurance Team, we consider umbrella coverage one of the most important policies you can carry, and it’s also one of the most affordable.
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What Is a Personal Umbrella Policy?
A personal umbrella policy is extra liability insurance that kicks in when your underlying policies such as auto, homeowners, or boat insurance reach their limits.
To learn more about what limits of liability are, click here.
Think of it as a financial safety net. If you’re found legally responsible for an incident and the damages exceed your standard coverage, your umbrella policy is designed to cover the rest. Coverage is usually written in $1 million increments.
Do I Need a Personal Umbrella?
Lawsuits are unfortunately all too common. It’s not out of the question for a lawsuit to result in six- or seven-figure judgments, especially if multiple people are injured or there’s a tragic outcome.
If your standard policy only covers $300,000 and there is a judgment against you of $1 million, you’re responsible for the $700,000 difference. That could mean losing your home, draining your savings, or having your wages garnished for years to come.
That’s why umbrella insurance isn’t just for the wealthy. We always say: “You don’t have to be a millionaire to get sued like one.” An Umbrella is for anyone with something to lose, including:
- Homeowners
- Business owners
- Landlords
- Parents of teenage drivers
- Pet owners
- Boaters
- People with savings or investments
- Those who earn higher than average income
- Young professionals with many earning years ahead
Even if you don’t have a high net worth today, a lawsuit now could jeopardize your future income potential. That’s something worth protecting.
What Does a Personal Umbrella Policy Cover?
Umbrella insurance provides liability protection, meaning it pays for damages and legal defense if you’re found responsible for:
- Bodily injury to others (from car accidents, slips and falls, etc.)
- Property damage to others
- Lawsuits for libel, slander, or defamation
- Legal expenses not covered by standard policies
- Injuries involving rental properties you own
- Incidents involving boats, recreational vehicles, or pets
It does not cover:
- Your own injuries or property damage (however, you can purchase additional uninsured or underinsured motorist coverage on your umbrella, ask us how.)
- Intentional or criminal acts
- Business liability (you’d need a commercial umbrella policy for that)
How Affordable Is Umbrella Insurance?
You might be surprised to learn that $1 million in coverage can cost as little as $150–$300 per year. Often less than the price of a nice dinner out.
Adding more coverage (say, from $1 million to $2 million) is typically even more affordable, thanks to tiered pricing. Think of it like buying in bulk. The more you get, the cheaper it is per dollar of coverage.
Considering the level of protection it provides, a personal umbrella policy is one of the best value insurance products available.
Real Protection for Real People
At The Ferguson Insurance Team, we strongly recommend umbrella insurance to almost every client. This isn’t because we’re trying to “upsell,” but because we’ve seen what can happen without it. And we know how devastating and avoidable those outcomes can be.
Whether you’re a young professional just starting out, a family with teen drivers, or a retiree with savings, umbrella insurance helps ensure one accident doesn’t undo everything you’ve built.
Let’s Talk About Risk
As an independent insurance agency, we work with top carriers to find affordable umbrella insurance that fits seamlessly into your overall protection plan. We’ll help you understand how much coverage you need, how it fits with your current policies, and what options make the most sense for your life.
A personal umbrella policy isn’t about fear. It’s about peace of mind, knowing that if the worst happens, your financial future doesn’t have to unravel.
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Frequently Asked Questions
What do I need to qualify for a Personal Umbrella?
Most carriers require you to have underlying auto limits of at least 250/500/250, as well as home liability limits of $300,000 or more. If you have other vehicles, like boats, ATVs or Golf Carts, they will need to be listed as well.
Do I really need a Personal Umbrella?
Great question! Sometimes people think personal umbrellas are only for the very wealthy, or that they paint a target on your back. Nothing could be further from the truth. Anyone could be involved in a major accident or have a serious injury occur at their home. In that event, it won’t matter if you’re a millionaire or not, you could be sued. A personal umbrella is a major benefit in a situation like that, and can make the difference between a quick and relatively easy solution, and financial ruin.
I'm not sure what I need, can you help?
Absolutely! We know that most people don’t spend all day thinking about insurance the way we do! We’re here to help by providing you with education and listening to your unique needs so we can better understand you and what insurance solutions would best fit your specific circumstances.
Are Personal Umbrellas expensive?
No. Relative to the amount of coverage you get, the premium is usually a small fraction of what you pay in home and auto insurance premiums, but provides vastly higher coverage. It’s a prudent, economical way to safeguard what you’ve worked so hard for.
Other Insurance You May Need
Homeowners Insurance
Coverage for your biggest investment can get complicated. Talk to an expert.
Auto Insurance
Golf Carts have unique coverage options, as well as requirements for their legal operation.
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Jewelry, collectibles, sports equipment and more can all be covered very affordably.
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