Excess liability coverage provides additional coverage limits beyond an underlying policy. For instance, excess liability insurance could be used to increase the limits of your home or auto policy. This might seem awfully similar to an umbrella policy – which we’ve mentioned on our Home Insurance page. In fact, many people use “excess” and “umbrella” insurance interchangeably. But there is a distinct (and important!) difference between the two:
Umbrella coverage both increases the insurance limits of an underlying policy AND includes additional types of coverage not included in the underlying policy.
Excess liability insurance ONLY provides additional limits to an underlying policy. It’s coverage is no broader than the original policy and – in fact – may be more restrictive.
When considering the amount of additional coverage you need, it’s important to think beyond your banking or investment assets. Your excess policy should include enough protection for all your assets, including your home, valuables and earning potential too. Jonas-Meeke Insurance will help you factor in these values and select and excess policy to cover it all.