Do You Really Need Umbrella Insurance? A Maine Perspective

Most people have heard of umbrella insurance, but many think it is only for the wealthy. The reality is that umbrella insurance is one of the most affordable and valuable types of coverage you can buy, and it is especially relevant for Maine residents who own homes, boats, snowmobiles, or other recreational vehicles.

What Umbrella Insurance Does

An umbrella policy provides an extra layer of liability coverage that sits on top of your auto, homeowners, and watercraft policies. If you are found liable for an accident and the damages exceed your underlying policy limits, your umbrella policy kicks in. It typically adds one million dollars or more in coverage and can protect your savings, your home equity, and even your future earnings.

Why It Matters in Maine

Maine's outdoor lifestyle creates unique liability exposure. If you own a boat and someone is injured on it, if your snowmobile hits another rider, if your dog bites a visitor, or if a guest falls on your icy driveway, the resulting lawsuit could easily exceed your standard policy limits. Maine juries have awarded damages well into the hundreds of thousands for serious injury cases. Without umbrella coverage, your personal assets are on the line.

Who Should Consider Umbrella Coverage

You should seriously consider umbrella insurance if you own a home, have teenage drivers in your household, own recreational vehicles like boats or snowmobiles, have a swimming pool or trampoline, host gatherings at your home, have significant savings or assets to protect, or serve on a nonprofit board. Essentially, if you have anything to lose in a lawsuit, umbrella insurance is worth considering.

Surprisingly Affordable

Here is what surprises most people: umbrella insurance is remarkably affordable. A one-million-dollar umbrella policy typically costs between $200 and $400 per year, depending on your situation. That works out to roughly a dollar a day for a million dollars in additional protection. It is one of the best values in the insurance world.

Get a Quote Today

Curious about what umbrella insurance would cost for your family? The agents at Quirk Insurance can evaluate your current coverage, identify where you might be exposed, and provide a personalized umbrella insurance quote. Most of our clients are surprised by how affordable it is. Call us at (207) 299-1800 to learn more.