Understanding Umbrella Policies
Umbrella insurance is extra liability insurance that covers you beyond what your auto, boat or homeowners insurance covers. An umbrella policy is designed to protect your assets from major claims and lawsuits. Policies are available in amounts ranging from one to five million dollars.
Why You Might Need an Umbrella Policy
Homeowners and auto insurance policies have liability limits, meaning that your policies will make payments up to the amount stated in your contract. After that limit is reached, you’re personally responsible for any expenses on a claim or as the result of a lawsuit.
For example, if you’re at fault in a car accident that injures another person, you would be held responsible for their medical treatment. If the bills add up to $500,000 but your policy limit is only $150,000, you would be responsible for paying the remaining $350,000. An umbrella policy would help cover these expenses, protecting your bank account, home and personal property.
Coverage Provided
Umbrella coverage provides coverage for:
- Personal Injury (slander, libel, wrongful eviction or false arrest)
- Bodily Injury
- Property Damage
- Landlord Liability
- Legal Defense Costs
The insurance carriers that Mechanics Insurance Agency represents in the state of California are not currently accepting any new policies until further notice.
Insurance products are: Not Deposits; not offered as a condition to any Bank loan, payment, or service; not FDIC insured; not Bank guaranteed; and may go down in value.
Mechanics Insurance Agency and Mechanics Bank are affiliates; Mechanics Insurance Agency is a division of Mechanics Bancorp, Inc., while Mechanics Bank is a wholly owned subsidiary of Mechanics Bancorp, Inc. Due to the relationship, any referral may provide Mechanics Bank with a financial or other benefit.