Nationwide Umbrella Insurance
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Nationwide Umbrella Insurance Review
Umbrella insurance is another name for liability insurance. It is designed to protect your assets when you are hit with a lawsuit judgment. Another name for it is "excess liability coverage." It protects you when the liability coverage of your auto insurance, home insurance, or boat insurance is insufficient.
Does Nationwide offer an umbrella insurance policy?
Yes, Nationwide offers policyholders an umbrella insurance policy. Read below how Nationwide compares to other insurance carriers
How does Nationwide Umbrella Insurance work?
Let's say you are at fault in a serious car accident. The cost of the damages is $500K. However, your auto insurance liability coverage limit is $300k. If you have an umbrella insurance, it will kick in so you don't have to pay the balance out-of-pocket.
Where does Nationwide Umbrella Insurance do business?
Nationwide Umbrella Insurance is an insurance carrier based in Columbus, OH. The company was founded in 1926 and offers umbrella insurance policies in 48 states (and Washington, DC).
What types of umbrella insurance does Nationwide Umbrella Insurance offer?
Nationwide Umbrella Insurance provides the following protections:
- Serious bodily injury liability -- Say a guest falls on your property and requires surgery. The cost may exceed your homeowners insurance liability limit.
- Landlord liability -- If a tenant sues you for damages while renting your property and the cost exceeds the coverage provided by your specialty homeowners insurance.
- Property damage -- Your umbrella insurance also helps if you are at fault in an auto insurance accident and the damages exceed your auto insurance liability.
- Slander or libel -- An umbrella insurance policy can also provide coverage if you are sued for something you wrote or said.
- Malicious prosecution -- If you are counter-sued for wrongfully prosecuting someone, you can be left holding an expensive legal bill.
What minimum liability coverage does Nationwide require before approving an umbrella insurance policy?Most insurers will not allow you to buy an umbrella insurance policy unless you first purchase a substantial amount of liability coverage on your homeowners and auto insurance policies. Nationwide requires you to have at least $300,000 in liability insurance before they will grant you an umbrella insurance policy.
What level of liability coverage can you get with Nationwide Umbrella Insurance?Most insurance companies set a minimum of $1,000,000 for umbrella insurance policies.
Nationwide does not provide details on its liability coverage limits.
How much does Nationwide Umbrella Insurance cost?
The cost of your umbrella insurance policy will vary depending on your risk profile. Your premium will probably range between $150 and $300 a year.
Your risk profile depends on factors like your net worth, where you live, your credit history, and your driving record. Owning a dog or vehicles that could damage others, such as a jet-ski or a snowmobile, can also increase your policy premium.
Does Nationwide offer policy discounts on their umbrella insurance?
Nationwide offers the following discounts.
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Insurance companies add and change the discounts they offer regularly. Check whether you qualify for any other discounts when you apply.
What is the financial strength rating of Nationwide Umbrella Insurance?
The financial strength rating of an insurance company scores its ability to pay contracts and policies. Each agency has its own standards and rating scale and a company's rating can change any day. It's a good idea to check the financial rating of an insurance company before you purchase a policy. There are five main rating agencies. SuperMoney's financial strength rating is based, among other factors, on the average score from available ratings.
Nationwide Umbrella Insurance scores an A+ financial strength rating, SuperMoney's highest available rating.
How to apply for Nationwide Umbrella Insurance?
- Visit the Nationwide website.
- Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, annual income, and source of employment.
- Check the information is accurate and submit your application.
One Nationwide Plaza
Columbus, OH 43215
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Other Services by Nationwide
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia