The quick answer is that an umbrella policy picks up where your other insurance policies like homeowners and personal auto insurance leave off.  For example, say you have an auto insurance policy that has liability coverage of $250K per person and $500K per occurrence.  If the unthinkable happens and you cause an accident with major injuries or worse, the resulting damages or possible lawsuit could exceed the $250K for an individual or even the $500K for the entire accident.  If that were to happen, your umbrella policy would then cover the excess up to the limit of the umbrella (1 million dollars in my client’s case).  An umbrella policy does not kick in until your other coverage is used up.  However the coverage amount is in addition to your other policies.  So for the example above, the total amount of coverage that could be used for this accident would be 1.5 million dollars - $500K per occurrence from the personal auto policy and an additional $1M for the umbrella.

As always if you have questions about your coverage, you should contact your agent.  If you don’t have an agent, or would like to switch agents, you can contact us!

As an independent insurance agent, I am licensed with many different companies, large, medium, and small – local and national.  This directly benefits my clients by provide them more options to find the best fit.  Every one’s situation is different, and no one company is a good fit for every person.  Every insurance company calculates their rates differently.  Something that increases your rates with one company may not be looked at as closely by another company.  As an independent insurance agent I can shop your business around to find the right coverage for your individual situation at the best possible rates.  Have a spotless record – I can find you unbelievable rates.  Have a lot of toys – I have you covered.  Good credit – I can get you good discounts.  Not so great credit – I have other options.  Driving record not so good – I have other options.  Own a business – I have options. 

So what are the disadvantages you ask…?  Well those are all mine.  Independent agents typically work on commission only.  There is no base-salary to use as a safety net.  In addition, many of the companies that I deal with don’t spend loads of money on national add campaigns to draw in unsuspecting consumers… .  I have to earn my business by doing a great job for my clients so they pass my name along to their friends, family and colleagues. 

See how I can put these insurance options to work for you and contact us today for a quote!

Insurance companies also tend to exclude coverages in certain policies where another policy would provide more adequate coverage.  For example, many personal auto policies have language that excludes liability coverage when the vehicle is used for “public or livery conveyance.”  You can endorse a personal auto policy for certain types of business use.  However, in this case, a business auto policy would be more appropriate, providing better insurance coverage for a business owned or business leased vehicle.

If you have questions regarding insurance coverage for a business owned auto, or any other type of insurance, don’t hesitate to contact Lauer Insurance.

One client, from Appleton, WI was going to be living with a friend for an undetermined amount of time while looking for a house to purchase.  They were looking for property and liability insurance coverage on a storage unit they had rented for their personal belongings.  What they didn’t realise was that they would not have coverage on the personal property they kept at their friend’s house.  Most homeowners insurance policies exclude personal property for any adult who is not related to the named insured(s).  The coverage they needed was easily obtained through a renter’s insurance policy with Ellington Mutual.

Another client from Waukesha, WI was staying with family while building a house.  In this case, however, the property they kept at the relative’s house was covered under the family member’s homeowners insurance policy because they were close relatives.  However, as in the first case, they still needed property and liability coverage on a storage unit they were renting for the remainder of their personal belongings.  In this case, we obtained the needed coverage by obtaining additional off-premises coverage on the policy covering the construction of the new home.

Note that not all policies are created equal.  Your coverage depends on your individual policy.  As always, if you have questions regarding your coverage, you should contact your agent.  If you have questions, or would like an insurance quote, don’t hesitate to contact us!

Come back often for valuable insights on home and auto insurance, commercial insurance, and health and life insurance.  As always, if you have an immediate question, feel free to contact us at 920-757-5915 or send us an e-mail.