What is Umbrella insurance? Umbrella Insurance is an additional liability protection that kicks in when the limit of your liability coverage on the existing home insurance policy is reached. It can easily happen, given potentially enormous 3rd party liability and legal costs. Sometimes a home insurance policy can already include umbrella insurance and you should check your policy or with your insurance provider to be certain.
Umbrella insurance also provides protection when your existing policies are not covering particular cases, for example:
- Injuries and treatment expenses of the 3rd party that you are responsible for (e.g. you hit somebody while on a skiing vacation)
- 3rd party property damages that you are responsible for (e.g. your knocked over a table with an expensive china set on it)
- Legal defense costs
- Invasion of privacy, etc.
Given the low cost of an umbrella policy (under $100/year), it is highly recommended to have this protection. You should understand, however, what cases are not covered by umbrella insurance policies. For example, if you hit somebody while skiing on your vacation, your umbrella insurance will cover it, but if the same accident happened when you were professionally competing in a downhill ski race, your umbrella insurance will not help you. As a competitive athlete you would need a special insurance, in this case extreme sport insurance.
- Interested to pay as little as $15/month for home insurance?
- Get a free quote from our partner in 10 minutes and start to save
- Include into your policy all important coverage such as e.g. sewer back up
Interested in Home Insurance?
Get a free, no-obligation quote
We compare rates from over 20 insurers to show you 3 best quotes
Get a Home Insurance quote now. Start saving.
Our Publications related to Home Insurance
The arrival of COVID-19 has pushed Canadians, more than ever before, online for finding and applying for insurance and banking products. It is not easy, though, to make the right choice without knowing if a particular insurer will be there when you need them the most. As the largest Canadian review platform with thousands of […]
A prospective buyer is always going to be focused on a condo unit’s view. Unlike a house, these units rarely have multiple windows to the outside in various directions. The exterior wall, which usually is either glass or contains a balcony, is likely the only point of contact with the natural world. While the interior […]
It’s no secret that property prices in many urban areas of Canada are on fire. And it’s not limited to just the core of Toronto and Vancouver. Houses for sale in Hamilton, for example, have doubled in price in the last decade and houses in Mississauga are almost $750,000. It’s increasingly hard for the average […]
Toronto real estate has been tumultuous in the last few years. At first, everything was going, up, up and up. Record low-interest rates made huge mortgages more attractive, and few new suburbs were developed thanks to the Greenbelt. Almost 90, 000 Newcomers were moving to Toronto each year, along with Canadians from other parts of […]
InsurEye Inc has announced the launch of a new website: CondoEssentials. The new site is a condo review platform that has been designed to better inform Canadians about real estate, with a particular emphasis on condominiums. InsurEye has been informing consumers about details of auto, life and condo insurance for years through thousands of independent […]