These are the top providers of umbrella insurance, which could shield you from legal action.
Umbrella: Top Providers $100 Million Now
Umbrella insurance is not legally necessary, but it can be very beneficial for people and business owners who have a lot of assets or who run a high risk of being sued.
This can include homes with potentially dangerous dogs, pools that could result in mishaps, and teenage drivers who are more likely to cause accidents.
Beyond your primary insurance policies, such as your homeowners’ and auto insurance, umbrella insurance offers extra protection. It can shield you against liability claims for bodily harm and property damage, as well as additional legal costs above your regular insurance coverage in the event of a lawsuit.
For instance, suppose you are in a car accident that claims $500,000. if your vehicle insurance policy only pays up to $300,000 in bodily injury damages, an umbrella insurance policy would pay the remaining $200,000. If not, you could use your future earnings and savings to make up the difference.
Here, CNBC Select compiles the top umbrella insurance companies according to maximum limits, customer satisfaction, and availability. (For more details on how we arrived at this list, see our methodology.)
Top umbrella coverage
- Travelers are the best overall.
- Next in line: American Family
- Chubb is the best option for wealthy families.
- USAA is best for military families.
For whom is this intended? Many families and business owners find that travelers, who offer $1 to $10 million in umbrella insurance coverage, are a good fit. It may also assist in supplying liability coverage that take place outside of America.
Prominent advantages: J.D. Power has given Travelers excellent ratings for both homeowners’ insurance and auto insurance, the company’s two primary insurance products. A lower-than-average complaint index also makes Travelers stand out.
For whom is this intended? In addition to umbrella insurance, American Family offers competitive options for homeowners’ and auto insurance. In addition, American Family provides individuals who own a farm or ranch with a special umbrella insurance plan.
Notable features: American Family’s umbrella insurance is a great option for people who want simplicity because it gives you the chance to combine coverage.
Ideal for wealthy families
Notable advantages: For those who might require greater coverage than the standard amount, Chubb is a great option with coverage options up to $100 million.
$10 million maximum accessible via additional umbrella insurance plans. It provides global coverage and pays defense expenses in the majority of lawsuits.
Ideal for families with military members
For whom is this intended? Only individuals and their families who have served in the US military are eligible for USAA umbrella insurance. But for those who qualify, USAA’s coverage might be the best in terms of customer support.
Prominent advantages: USAA is a company that we regularly recommend for auto insurance, and anyone in need of umbrella coverage must go through them (with the exception of those in New York, Pennsylvania, or Hawaii).
More about our leading providers of umbrella insurance Visitors
With over 165 years of experience in the insurance industry, Travelers is still highly regarded for its ability to stability in terms of finances. AM Best has awarded it an A++ financial strength rating.
Varieties of umbrella insurance that are offered
- Both private and business
- NAIC complaint index, with a mean of one
- 0.79, less than anticipated
- Policy specifications
- Not revealed
Chubb
Chubb has been recognized as one of CNBC Select’s best choices for jewelry, homeowners, and flood insurance for affluent families. This is understandable given the company’s continuously high ratings for customer satisfaction and service. AM Best has given Chubb a high rating for financial strength as well.
Varieties of umbrella insurance that are offered
- Both private and business
- NAIC complaint index, with a mean of one
- 0.24, less than anticipated
- Policy specifications
- Not revealed
USAA
Despite only being accessible to those who are currently serving, USAA is continuously one of the leading competitors in the insurance market.
in the armed forces, among veterans and their relatives. J.D. Power has given its homeowners insurance and auto insurance excellent ratings for customer satisfaction.
Varieties of umbrella insurance that are offered
- Both private and business
- NAIC complaint index, with a mean of one
- 1.79, above the mean
- Policy specifications
requires a homeowners’ policy, a minimum amount for auto insurance, and other forms of insurance
In summary
If you are held accountable for the losses of others, umbrella insurance can assist in paying expenses above and beyond the liability caps of your homeowners’, auto, or other insurance policies, safeguarding your assets.
Take into account the company’s financial stability, the quality of the underlying policies, the requirements for the best umbrella insurance coverage, and any particular features you may require.
Why should I believe CNBC Select?
Our goal at CNBC Select is to empower our readers to make wise financial decisions by offering them thorough consumer advice and excellent service journalism.
Our team of knowledgeable writers and editors who have a deep understanding of insurance products provides thorough reporting as the foundation for each insurance review.
We gathered more than 100 data points on more than a dozen insurance companies that provide umbrella insurance policies in order to investigate the top umbrella insurance providers.
Although CNBC Select receives commissions from affiliate partners on a number of offers and links, we take pride in our journalistic standards and ethics and produce all of our content independently of our commercial team or any other outside parties. View our methodology to learn more about how we determine which companies that offer umbrella insurance.
Our approach
CNBC Select examined and contrasted scores of insurance companies providing umbrella coverage in order to identify the top umbrella insurance providers.
The comparison was based on policy requirements, limits, types of umbrella insurance that were offered, availability of quotes, and state availability.
Minimum and maximum limits, as well as service ratings from JD Power’s Overall Customer Satisfaction Index Rankings for homeowners insurance and auto insurance—which are frequently requirements for an umbrella insurance policy—were our main points of emphasis when sifting through the top umbrella insurance providers.
We also took into account A.M. Best’s financial strength ratings and complaint index data from the National Association of Insurance Commissioners. Lastly, we took into account any prerequisites for underlying policies as well as the accessibility of umbrella policies across the country.
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