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Umbrella Policy


Do I Need an Umbrella Policy?

An umbrella policy is usually a policy that is obtained by someone who owns significant assets such as a house and a car combined, and may have reason to believe they would need to protect those assets from being seized to pay off a judgment or other problem. While relatively few people actually buy an umbrella policy, fewer still actually find themselves in need of one, but those that do are never disappointed or filled with regret that they spent that little extra bit of money every year to provide the extra layer of protection.

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Umbrella Policy basis

Put in the simplest terms, an umbrella policy provides protection above and beyond your standard auto or homeowners insurance policies by “picking up the tab” once your limits on those policies have been reached. Since this is an event that only rarely happens in anyone’s life, the cost of an umbrella policy is usually fairly low - perhaps $300 per year for $1,000,000 of coverage or more. Umbrella policies only kick in to assist a homeowners or auto insurance policy once the limits have been reached on the other policies, never before, and how much coverage you have on those two policies will affect the premium you are offered. Most commonly, umbrella policies wind up being used to protect their owners from lawsuit liability damages such as after a car accident where they were at fault, or if there is an injury on their property for which they are ruled to be at fault.

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OneSource Insurance Group • 5315 N. Towne Centre Dr. • Ozark. Missouri 65721 • Phone: 417-724-1700 • Fax: 417-724-1723 • Email: