Mountain Pacific Insurance

Personal Umbrella Policy in Nevada

Personal Umbrella Policy in Nevada, California, Arizona & Oregon

Mountain Pacific Insurance Services is an independent insurance agency located in Nevada & California. We provide high-quality insurance solutions to our communities in California & Nevada and to residents in Arizona & Oregon.

Personal Umbrella Policy Nevada

Personal Umbrella Policy in Nevada

What is a personal umbrella policy?

While primary insurance policies offer substantial protections for Nevada residents, there may be scenarios where these coverages aren’t enough. For example, an auto insurance policy or homeowners insurance policy might not have enough liability coverage for a major lawsuit. In these situations, a personal umbrella policy might offer additional liability protection.

A personal umbrella policy serves as a secondary insurance. They can add a lot of liability coverage even beyond what the highest limits of primary policies offer.

Personal Umbrella Policy Nevada
Personal Umbrella Policy Nevada

Personal umbrella insurance might be valuable to anyone who wants more extensive liability coverage.There are many situations where Nevada residents might want additional protection. 

In particular, the additional liability protection can be helpful to individuals who are at a higher risk of being sued. For example, people in the following situations may consider personal umbrella policies:

  • Workers with high incomes, who could be targeted by opportunistic lawsuits
  • Owners of longtime family ranches, who may wish to protect the family property
  • Boaters, who might face liability lawsuits due to water-related injuries or fatalities
  • Dog owners, who might face liability lawsuits for injuries inflicted by their dogs
  • Contact sport athletes, who may face lawsuits if they hurt another player
  • Landlords, who might face lawsuits from tenants or their guests after an accident

This is far from an exhaustive list of all the situations where extra liability protection could be useful. An insurance agent knowledgeable in personal umbrella policies can help residents determine whether their specific situation calls for an umbrella policy.

Personal umbrella insurance usually can supplement an array of primary insurance policies, which are also referred to as underlying policies. Depending on specific terms, umbrella coverage might build upon:

  • Homeowners insurance policies
  • Auto insurance policies
  • Boat insurance policies
  • Motorcycle insurance policies
  • RV insurance policies

Most umbrella policies are flexible enough to supplement multiple primary policies, frequently including several of those listed.

Many umbrella policies contain language about “underlying coverage requirements” within their terms.

Such requirements normally specify the minimum amounts of coverage that must be maintained through a primary insurance policy. The purpose of these requirements is to ensure a base level of coverage from the primary policy is used, before the umbrella policy begins payout on a claim.

It’s essential to properly any applicable underlying coverage requirements, lest the umbrella policy’s coverage potentially be voided.

A knowledgeable insurance agent who’s familiar with the requirements of umbrella policies can check for any underlying requirements, and then make sure satisfactory primary insurance policies are in place.

Umbrella policies can also contain clauses about “retention limits.” 

A retention limit is normally a self-insured amount that must be paid before the umbrella policy begins coverage on a claim. It’s usually in place when there’s not an underlying policy already providing coverage for a claim. Despite the distinct terminology, a retention limit operates similar to a deductible.

An experienced agent should also check for any retention limits that an umbrella policy has.

The rates for personal umbrella policies are generally affordable, particularly considering the extensive protection they offer. Despite offering coverage in the millions, these policies generally remain quite affordable for those who need them.

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How can Nevada residents secure a personal umbrella policy?

For assistance with obtaining personal umbrella insurance in Nevada, reach out to the independent insurance agents at Mountain Pacific Insurance. Our agents are ready to help you find all of the insurance coverage you need, including finding a robust personal umbrella policy.

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