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Georgia Umbrella Insurance
You’ve worked hard to earn your assets, and now it’s time to protect them with an extra layer of security. Accidents happen, and sometimes they can cost more than what your auto or homeowners insurance covers. If you live in Georgia, adding umbrella insurance to your existing policies can help protect you from costly personal liability claims that exceed your coverage limits.
What Does Umbrella Insurance Cover in Georgia?
Umbrella insurance goes beyond the limits of your regular auto, homeowners, or renters insurance. It’s designed to cover situations where your primary insurance just isn’t enough and offers additional security in the following areas:
- Bodily injury claims: If someone gets hurt in an accident involving your car or while visiting your home, umbrella insurance can cover medical bills, rehab costs, and even any legal fees if they decide to sue.
- Property damage claims: Maybe you accidentally back into your neighbor’s fence or cause damage to someone’s property in a bigger accident. Umbrella insurance helps cover those expenses when your regular insurance reaches its limit.
- Legal defense costs: If you ever get sued, legal bills can stack up fast. Whether you’re at fault or not, umbrella insurance covers attorney fees, court costs, and any settlements you might have to pay.
- Lawsuits for defamation, libel, or slander: If you’re sued for making a statement that damages someone’s reputation, this policy can help cover the costs associated with these lawsuits.
What Does Umbrella Insurance Not Cover?
While umbrella insurance covers a lot, it does have its limits. Here are some things that typically aren’t included under umbrella policies:
- Damage to your own property: Umbrella insurance doesn’t cover damage to your own home, car, or other personal property. You’ll need to rely on your homeowners, renters, or auto insurance for those kinds of claims.
- Your own personal injuries: Umbrella insurance doesn’t cover your medical bills or injuries if you get hurt. Health insurance or personal injury protection (PIP) on your auto policy would take care of that.
- Business-related claims: If you own a business, umbrella insurance doesn’t extend to incidents related to your work. Separate business insurance is required for that.
- Contracts or agreements: Disputes over contracts — whether written or verbal — aren’t covered by umbrella insurance. If someone sues you for breaking a contract, this policy won’t help.
- Intentional harm: Any damage or injury caused on purpose won’t be covered. Umbrella insurance is designed to protect against accidents, not intentional actions.
Who Should Consider Umbrella Insurance in Georgia?
Here’s a look at who might benefit from adding this coverage in Georgia:
- Homeowners: If you own a home, especially if you have a pool, trampoline, or other features that increase the risk of injury, umbrella insurance can protect you from lawsuits if someone gets hurt on your property.
- Frequent drivers: The more time you spend on the road, the higher your chances of being in an accident. Umbrella insurance can help cover the additional costs that go beyond your regular auto policy.
- Landlords: Owning a rental property means taking on risks. If a tenant or visitor gets hurt, you could face a costly lawsuit, and umbrella insurance can help protect your personal assets.
- Pet owners: If your dog accidentally bites someone or causes an injury, you could be held liable. Umbrella insurance can help with legal claims that go beyond your homeowners or renters policy.
- High net worth individuals: If you have substantial assets — like investments, savings, or multiple properties — umbrella insurance is a smart way to ensure you’re fully protected in the event of a large lawsuit.
How to Get Umbrella Insurance in Georgia
Ready to add that extra layer of protection? Mercury offers affordable umbrella insurance in Georgia, and our local agents are here to help. Reach out to a Georgia insurance agent, start a quote online, or call us at (877) 921-1503.
How Umbrella Insurance Works with Existing Policies
Umbrella insurance acts as a backup to your main policies, kicking in once your other coverage reaches its limit. It doesn’t replace your current insurance, but it gives you that extra cushion for high-cost situations that could otherwise leave you vulnerable. For example, if someone slips and falls on your property and decides to sue you, your homeowners insurance may cover up to a certain limit — let’s say $500,000. But if the lawsuit costs exceed that, umbrella insurance can cover the rest, so you don’t have to dip into your savings.
What Is the Cost of Umbrella Insurance in Georgia?
According to Forbes, the average cost of umbrella insurance is around $383 per year for a $1 million policy, which can vary based on several factors. In Georgia, your rate might depend on things like the amount of coverage you need, the number of assets you want to protect, and your existing insurance policies.
Reach out to a Georgia insurance agent, and they can help you create a policy tailored to your needs and budget.
How Much Umbrella Insurance Do You Need in Georgia?
The amount of coverage you need depends on your financial situation. Start by adding up the value of your home, vehicles, savings, and any other assets. Generally, it’s smart to get enough coverage to protect everything you own. Most policies start at $1 million, but you can go higher depending on your risk factors and what’s at stake.
Contact a Georgia insurance agent, and they can help you figure out the best plan for your needs.
Georgia Umbrella Insurance FAQs
What is the minimum coverage required for umbrella insurance in Georgia?
There’s no state-mandated minimum coverage for umbrella insurance in Georgia. However, for Mercury, policies start at $1 million.
How does umbrella insurance interact with flood or storm damage?
Umbrella insurance doesn’t cover flood or storm damage. You’ll need specific flood or homeowners insurance to deal with these risks.
Is an umbrella policy worth it?
If you have assets to protect, an umbrella policy is absolutely worth it. It’s a cost-effective way to protect your financial future from expensive liability claims.
Is umbrella insurance tax-deductible in Georgia?
For most people, umbrella insurance is not tax-deductible. However, if you’re a landlord, you may be able to qualify for tax deductions. It’s a good idea to consult with a tax professional for guidance.
Mercury Insurance Coverage in Georgia
Mercury offers several insurance products to Georgia residents, including: