Umbrella Insurance in Maryland | Cost & Coverage

There are a number of high net-worth individuals who make their home in Maryland. If you are among them, you might be concerned about shielding your personal assets from depletion due to liability lawsuits. An umbrella insurance policy is the best way to supplement your coverage and ensure that liability lawsuits will not rob you of your hard-earned wealth. If you have not yet considered such a policy, you may want to look into umbrella insurance quotes. You may discover that high amounts of coverage are less expensive than you imagined.

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Recent Large Liability Awards in Maryland

A jury awarded the victims of a rear-end collision $291,000 in liability restitution.
A Maryland jury found a deputy liable for the death of a family dog that he shot while serving a warrant and ordered him to pay $620,000 in restitution.
A Maryland landlord and the real estate company he worked for were ordered to pay a former tenant $800,000 in restitution when they were held liable for a bedbug infestation.

Maryland Residents Can Increase Their Liability Protection

If you have insurance for your home or vehicle, you already have a degree of liability protection. However, in the litigious society in which we live, the limits of this coverage are not always high enough. High net-worth residents of Maryland have a lot to lose if the liability coverage afforded by their current insurance policies cannot adequately cover large liability judgments against them.

If you want to ensure that your personal property and investments will not be exhausted by an expensive lawsuit, you may want to consider an umbrella insurance policy. These policies take over liability coverage where your other policies leave off. Umbrella policies are highly beneficial in that they can provide an inexpensive way to add millions of dollars of liability coverage to the insurance policies that you already have.

Umbrella Insurance Can Supplement Automobile Insurance

In Maryland, the minimum liability coverage that must be carried by a motorist is 30/60/15. This means that you must have a minimum of:

$30,000 in bodily injury coverage per person injured in an accident you have caused
$60,000 in total bodily injury coverage per accident for more than one injured person in an accident you have caused
$15,000 in property damage coverage

In the case of most accidents, the amount of liability coverage provided by auto insurance is sufficient. However, if you are responsible for an accident that leads to severe injuries or death, you may find yourself facing debts beyond those covered by your policy. The greater your net worth, the greater the chances are that the injured parties will pursue a lawsuit against you. This is because the lawyers representing them will see that there is a great potential for a large payout.

Automobile liability coverage typically maxes out between $300,000 and $500,000. Unfortunately, lawsuits related to serious injuries and fatalities can result in judgments of more than $1 million. This is where an umbrella insurance policy comes into play. If you have a judgment against you, your car insurance provider will compensate the injured party for up to your policy’s limit, and then your umbrella insurance policy will cover the rest, up to your policy limit.

Umbrella Insurance Can Supplement Homeowners Insurance

Whether you carry homeowners insurance, condo insurance, or even renters insurance, your home policy will provide you with liability coverage protection. In addition to covering most personal injuries and property losses that third parties may experience while on your property, this also covers damages caused by your children or pets, charges of libel and slander, and certain other types of liability charges, depending on your policy.

If you have hired help that works in your home or on your property, you may be held liable for any injuries they sustain while working. A fall down the steps by a cleaning person or an injury by a landscaper has the potential to lead to a lawsuit, particularly if the injured party smells a large payday. A typical homeowners insurance policy will top out at $500,000 in liability coverage. If you receive a large judgment against you, that judgment plus your legal fees can lead to expensive out-of-pocket costs unless, that is, you have supplemented your homeowners insurance policy with umbrella insurance.

Umbrella Insurance Can Supplement other Liability Coverage

Liability insurance coverage is not just limited to homes and cars. You may have several other insurance policies that will qualify for additional coverage under an umbrella policy. For example, if you keep a yacht docked in Pasadena, or you like to take your luxury recreational vehicles for family vacations at RV resorts near Ocean City, you will likely also have insurance coverage for these items. Under these policies, your liability coverage will come with maximum liability limits, so it may be in your best interest to pay a few extra dollars each month to get enough coverage to fully protect you and your assets.

Policy Quotes for Umbrella Insurance in Maryland Are Affordable

When you start shopping around for umbrella insurance quotes, you are likely to be pleasantly surprised that this coverage is actually affordable. In fact, the average cost of a policy is only about $200 year for $1 million dollars of extra coverage. The more coverage you buy, the less it will end up costing you per million. So a $5 million policy can cost as little as $600 a year, and you can expect a $10 million policy to run about $1,000 a year. Of course, these figures are averages. The actual cost you will pay will depend on a number of factors, including:

the amount of coverage already provided by your primary insurance policies
the number and ages of drivers in your household
the number of homes you own
the number and types of any luxury items you own (i.e. RVs, yachts, PWCs)

MD Residents Can Get Several Quotes for Umbrella Insurance

Independent insurance agents in our network have offices throughout Maryland and are available to answer your questions about liability insurance. These agents can assist you with determining your coverage needs and can work with a number of insurance providers to provide you with a selection of competitively-priced policies that meet your needs.

Contact an agent near you to get more information and to start comparing umbrella insurance quotes in Maryland.

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