If you’re looking for additional liability protection, RLI Umbrella Insurance might be the coverage you need. This insurance policy provides an extra layer of protection over your existing policies, such as homeowners or auto insurance. RLI is a well-known name in the industry and has been providing individual and commercial insurance coverage for over 50 years. In this guide, we’ll take a closer look at what RLI Umbrella Insurance is, how it works, and what it covers.
What is RLI Umbrella Insurance?
RLI Umbrella Insurance is a type of liability insurance that provides an additional layer of protection over your existing policies. It provides coverage when your existing policies are not enough to pay for damages or injuries caused by you, your family members or pets. It’s a cost-effective way to increase your liability coverage without having to purchase additional policies.
How does it work?
RLI Umbrella Insurance works by providing additional liability coverage when the limits of your existing policies have been reached. For example, if you are in a car accident and the damages exceed the limits of your auto insurance policy, your umbrella insurance will provide the additional coverage needed to pay for the damages. It’s important to note that umbrella insurance does not provide coverage for your own injuries or damages to your property.
What does RLI Umbrella Insurance cover?
RLI Umbrella Insurance covers a variety of situations where you might be liable for damages or injuries. It provides coverage for bodily injury, property damage, and personal injury claims. Personal injury claims include things like libel, slander, defamation of character, and invasion of privacy. Umbrella insurance also provides coverage for claims that may not be covered by your existing policies, such as claims related to rental properties or vacation homes.
What are the policy limits?
RLI Umbrella Insurance policies typically start at $1 million in coverage and can go up to $10 million or more. Your policy limit will depend on a variety of factors, including your assets and the level of risk you’re willing to accept. It’s important to accurately assess your liability risks when choosing your policy limits, as inadequate coverage could lead to financial ruin in the event of a lawsuit.
Who needs RLI Umbrella Insurance?
RLI Umbrella Insurance is a good choice for anyone who wants to protect their assets from potential legal liabilities. If you have significant assets or are at risk of being sued, umbrella insurance is a wise investment. It’s also a good option for anyone who wants to increase their liability coverage without having to purchase additional policies. In some cases, umbrella insurance may be required by certain contracts or agreements.
What are the benefits of RLI Umbrella Insurance?
One of the main benefits of RLI Umbrella Insurance is that it provides additional liability coverage at a relatively low cost. It’s also a flexible policy that can be tailored to your specific needs, with policy limits ranging from $1 million to $10 million or more. Umbrella insurance also provides peace of mind, allowing you to enjoy your life without worrying about lawsuits or financial ruin.
How much does RLI Umbrella Insurance cost?
The cost of RLI Umbrella Insurance will depend on a variety of factors, including your level of risk and your policy limits. On average, umbrella policies cost between $200 and $400 per year for $1 million in coverage. However, prices can vary widely depending on your location, assets, and other factors. It’s important to shop around and compare quotes from multiple insurance providers to find the best rate.
How can I purchase RLI Umbrella Insurance?
RLI Umbrella Insurance is typically sold through independent insurance agents. You can find a local agent by visiting the RLI website or by contacting your current insurance provider. Before purchasing umbrella insurance, be sure to assess your liability risks and choose a policy limit that will provide adequate coverage.
FAQ
Question |
Answer |
What is covered by RLI Umbrella Insurance? |
RLI Umbrella Insurance covers bodily injury, property damage, and personal injury claims. It also provides coverage for claims that may not be covered by your existing policies, such as claims related to rental properties or vacation homes. |
How much does RLI Umbrella Insurance cost? |
The cost of RLI Umbrella Insurance will depend on a variety of factors, including your level of risk and your policy limits. On average, umbrella policies cost between $200 and $400 per year for $1 million in coverage. |
Who needs RLI Umbrella Insurance? |
RLI Umbrella Insurance is a good choice for anyone who wants to protect their assets from potential legal liabilities. If you have significant assets or are at risk of being sued, umbrella insurance is a wise investment. |
How can I purchase RLI Umbrella Insurance? |
RLI Umbrella Insurance is typically sold through independent insurance agents. You can find a local agent by visiting the RLI website or by contacting your current insurance provider. |
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