Nevada Umbrella Insurance
Find the right umbrella insurance policy for you.
Written by
Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.
Nevada is the place to be if you're a bettor or risk taker. It's one thing to take a chance at the slots and quite another to risk your entire life savings by leaving your finances exposed to lawsuits. In today's litigious society, you don't have to be a millionaire before someone sues you. Yet, you can feel like you've won the jackpot when you have an umbrella insurance policy to protect you against the chances of a lawsuit. As you search for umbrella insurance quotes, keep the following in mind.
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Lawsuit Facts and Statistics
Here are some facts and statistics, according to the Association of Trial Lawyers of America:
- The annual cost to the economy for civil litigation is $233 billion.
- The average compensation payout for an injury lawsuit is $66,000.
- The average award in punitive lawsuits is $50,000.
- Plaintiffs are successful in wining monetary damages in 84% of cases.
- More than 80% of umbrella insurance claims stem from automobile crashes.
What Is Umbrella Insurance?
Umbrella insurance is extra liability insurance that can help support your basic liability policies, such as your auto, home or renters insurance. As most of these basic policies have limits on liability claims, an umbrella policy can help pay for costs that exceed those ceilings.
The main purpose of this extra insurance is to protect your assets from an unforeseen event, such as a tragic accident in which you are responsible for damage or bodily injuries. When someone files a lawsuit against you, your umbrella coverage will pay for the damage you're legally responsible for up to the policy limit.
Why Is Umbrella Insurance Important?
While lawsuits stemming from NV's Health Insurance Exchange have captured headlines in recent months, the hundreds of suits filed against private citizens each year receive less attention.
Many people assume that if they don't have $1 million to lose, they don't need an umbrella policy. Unfortunately, if someone falls down the stairs at your home or sustains injuries in a car accident for which you are responsible, the person could sue you for more than just what you have in the bank. Your future earnings, income and assets could be in jeopardy just as easily as your current finances. With many basic liability policies capped at $30,000, just one incident could quickly exceed that compensation and leave your personal finances exposed.
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What Does Umbrella Insurance Cover?
Nevada insurance companies require specific levels of liability coverage on your auto and home insurance policies before they will approve an umbrella policy, typically the following:
- $300,000 per occurrence for personal liability, bodily injury and property damage liability on your homeowners insurance policy
- $250,000 per person for bodily injury and $500,000 per accident on your car insurance policy
- $100,000 per accident for property damage on your car insurance policy
An umbrella policy can help protect you not only from injuries or property damage that may take place in your home or may happen due to your operating your vehicle, but it can also offer protection against libel and slander. The latter may sound unreal, but lawsuits resulting from social media posts, even those made by teenagers, are becoming more and more common.
Who Should Carry Umbrella Insurance in Nevada?
Anyone can benefit from an umbrella insurance policy. However, it is especially important for those who are at an increased risk of lawsuits such as the following persons:
- Those with long, daily commutes to the office
- Landlords
- Business owners
- Commercial property owners
- Homeowners
- Those facing professional liability concerns
- Public figures
The amount of umbrella insurance you should carry depends on the number of risks you face. It's a good idea to speak with a qualified insurance agent who can help identify your risks, suggest ways in which you can mitigate them and help you find an appropriate umbrella insurance policy to cover those risks.
What Is the Cost of Umbrella Insurance?
The quotes and rates you will see for umbrella insurance can vary significantly, depending on which Nevada provider is calculating the premiums. That's why it is important to shop around and compare quotes from different insurance companies.
Many people are surprised, however, to find how affordable an excess liability umbrella insurance policy can be. You could find $1 million in additional coverage for as little as $200 a year. That is an incredibly low price for the peace of mind and protection it offers. Also, keep in mind that doubling your coverage by obtaining a $2 million umbrella policy may not double your rates. Many Nevada insurance providers offer umbrella policies in $1 million increments, and some can exceed $10 million in coverage.
Where To Find Umbrella Insurance in Nevada
Like most Nevada residents, you have probably worked hard to build your savings and assets. You want the protection of an umbrella insurance policy that allows you to keep what you've earned when the unthinkable happens. Knowledgeable, independent agents in the Trusted Choice® network are always available to help assess your risks, suggest coverage limits and even assist you in filing a claim on your umbrella insurance policy.
Contact a Trusted Choice member agent near you for umbrella insurance coverage that suits your needs and budget.