How much umbrella insurance do I need?

Geico’s umbrella insurance policy will cover claims that are beyond the financial limits or scope of your existing policies. It can add up to $1 million in additional liability coverage to car, boat, homeowners or professional insurance policies.

The average cost of a $1 million policy is less than $300 per year. If you can take advantage of Geico’s multi-policy discount, or other discounts that you might be eligible for, you could bring the annual cost down to $100 or less.... read full answer

Why Geico Umbrella Insurance Is Worth It

The Geico umbrella policy’s additional liability coverage can protect you from a serious financial hit. If you injure someone or damage their property, your liability insurance pays the claim up to the limit written in your policy. But if the loss exceeds the limit and you don’t have umbrella coverage, you’ll have to pay the rest yourself.

For example, if someone gets hurt falling down your porch steps and wins a claim against you for $800,000, and your homeowners liability limit is $300,000, you may have to pay $500,000 out of your pocket. If you have Geico umbrella insurance, however, the policy would cover the difference.

Other Risks Covered by Geico Umbrella Insurance

Geico’s umbrella insurance also covers your defense costs in case of a lawsuit and pays for many kinds of damages other policies don’t. Examples include mental anguish, injuries caused by a pet, libel, injuries on a rental property, or even false arrest by a police officer.

Geico umbrella insurance offers generous coverage at a relatively low cost. You can get a personalized quote at (866) 272-5192 or on the Geico website.

An umbrella insurance policy does not cover your own injuries or damage to your personal property. In addition, personal umbrella insurance will not cover intentional acts, criminal behavior, damage caused while you’re performing business activities, or damage from certain dogs or vehicle types. If you need umbrella insurance for business purposes, you can purchase a commercial umbrella policy.... read full answer

What Umbrella Insurance Does Not Cover

• Your own injuries or property damage
• Property damage or injuries that you intentionally cause
• Damage that you cause while committing a criminal act
• Property damage or injuries that you cause while performing business or professional activities
• Any liability that you assumed through a contract prior to the incident
• Property damage or injuries caused by dog breeds or recreational vehicles that are specifically excluded from your policy

Because umbrella insurance extends the limits on an existing home or auto liability insurance policy, it does not apply to anything that is specifically excluded from the underlying coverage. To learn more, check out WalletHub’s guide to umbrella insurance.

Yes, umbrella insurance does cover lawsuits. This is because umbrella insurance provides coverage beyond the limits of your other insurance policies, and things like certain types of lawsuits are generally covered by home or auto insurance then extended by umbrella coverage.

For example, if your child is caught vandalizing someone else’s property and you are sued for it, your umbrella insurance will help cover your legal fees.... read full answer

Other Situations Covered by Umbrella Insurance

• False arrest
• Malicious prosecution
• Personal psychological harm and mental anguish
• Legal defense costs for covered losses
• Liabilities when traveling overseas
• Accusations of libel, slander and character defamation

To learn more, check out WalletHub’s guide to umbrella insurance.