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Massachusetts and Rhode Island Umbrella Insurance

So now you have a great home insurance policy, and the best auto policy you can get. But are you sure that is enough? It could be. But it’s also possible you’re still not fully covered. What if something happens that exceeds your liability limits, or you have a gap in coverage?

Imagine your daughter just got her license and she’s driving your car in the rain. She loses control of the vehicle and causes a multi-car pileup on the freeway. Or suppose you volunteer to drive some of your son’s soccer teammates to a tournament, and you have an accident?

If your primary coverage isn’t enough, you will end up paying the remainder of the claim out of pocket. But if you have an umbrella policy, you’re covered. As the name suggests, this special policy gives you an umbrella of additional liability coverage to give you shelter from incidents like this.

A Rhode Island or Massachusetts umbrella insurance policy can protect you from claims that extend beyond the liability coverage limits of your home, auto, renters, boat, or other personal liability policies. If the cost of a claim ends up being more than the liability limits on one of the underlying policies, you’re protected.

A personal umbrella policy provides additional insurance for property damage or bodily injury beyond your regular insurance policies, but they also extend to some things not usually covered. In this way, the umbrella insurance policy works to fill in some gaps. Some situations such as the cost of providing a court defense, or “personal injury” offenses like libel or slander may not be covered by the underlying policies, but an umbrella will cover them. In other words, the umbrella kicks in when a normally covered situation exceeds the limits of your regular insurance policy, or the underlying policy doesn’t cover them to begin with.

Is a Rhode Island or Massachusetts umbrella insurance policy right for you? Historically, wealthy people in MA and RI with sizable assets have purchased personal umbrella policy coverage. This is no longer the case. Since our society has become more litigious, people of all income levels are choosing to extend their liability coverage. The greater your risk factors, the more you will need to protect yourself. Some high-risk factors include:

  • • Owning a personal watercraft
    • Having a young driver in the family
    • Owning a swimming pool
    • Owning a recreational vehicle

Think about what could happen if everything you’ve worked so hard for was at risk because of a lawsuit that went beyond your normal homeowners insurance or auto insurance limits. Are you going to be able to pay out of pocket if you cause a multi-car accident and your limits don’t cover the total cost of the claim?

Yes, these things rarely happen, but it is our job to help you plan for the things you don’t want to think about. You can never be too careful, and as it turns out, adding an umbrella policy is one of the most affordable ways to protect yourself. We’ve found that MA and RI umbrella insurance policies can be purchased for a low cost, while providing plenty of coverage so you don’t have to worry about your potential liability risks in the future.

Different umbrella policies cover different things, and the coverage is provided in increments of $1,000,000. Premiums can vary between each company based on a number of factors that affect how much risk a specific person has, like the underlying policy limits, the number of vehicles or properties, and more.

The best way to find out what you need is to carefully review your policy details. That being said, you’d be best off calling one of the experts at Lapointe Insurance to see what you need. We work with over a dozen carriers to help get you the best policy for your unique situation, at a great price. Give us a call, shoot us an email, or fill out a form online to get the conversation going. We are here to help!