Umbrella Insurance: How it Works & Why you Need it

With one accident, a personal umbrella policy can potentially save you hundreds of thousands of dollars, all for a small annual premium. At Segreve and Hall Insurance Associates, we believe umbrella insurance is a necessity. Segreve & Hall represents reputable carriers with varying policy limits ($1,000,000, $2,000,000, $5,000,000 etc…) that will cover your expenses when your home and or auto insurance policy’s coverage has been depleted.

A 2015 study found that nearly 1 in 8 drivers in the U.S. is driving around without insurance.  This could leave you with significant out of pocket expenses covering your own medical bills.  In addition to providing liability limits above your underlying policies, a personal umbrella policy can provide coverage for you and your family if injured by someone who is uninsured or underinsured.

Segreve & Hall offers personal umbrella insurance policies designed to protect your assets in a time of need. Contact us today for a free personal quote at (978) 975-1300.

What is Umbrella Insurance?

Umbrella insurance is a liability policy that “sits above” your other insurance policies, such as your home, auto and or water craft. It’s an additional layer of coverage that covers the financial burden of your liability and assessed damages when your other insurance policy limits have been maxed out. Depending on the coverage limits of your insurance policy, you may be held personally liable for extensive costs associated with an unfortunate incident. If you have a personal umbrella insurance policy, the financial impact of an unforeseen incident may be negligible.

Why is Umbrella Insurance Needed?

There are many situations in which you may be held solely or partly financially responsible by a Massachusetts court of law for the medical, legal and property damage costs for yourself and the other parties involved. If your standard insurance policy does not cover the extent of the expenses incurred, umbrella insurance is needed to protect your assets. Common incidents that are typically covered by umbrella insurance include:

  • Collision in which you were an operator of a motorized vehicle, bicycle, or other form of conveyance
  • Dog bite
  • Personal injury on your property

For a nominal annual premium, you can buy peace of mind knowing Segreve and Hall Insurance Associates have you covered with a comprehensive umbrella policy. Since 1991, we have been the Massachusetts insurance experts in Andover, providing every customer with an unparalleled level of exceptional service and a wide range of insurance products. Our insurance specialists are prepared to address your insurance needs and explain how an umbrella insurance policy can help you. Contact our highly trained staff today to schedule an evaluation and quote by calling (978) 975-1300.

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