Umbrella insurance typically has a term length of a single year. However, there is some flexibility depending on the Scottsdale, AZ insurance provider. Most providers offer liability coverage for a period of 12 months. Once the 12 month term expires, the policy can be renewed. The same annual renewal timeline continues moving forward.
Umbrella Insurance Is Not Permanent
As is the case with many forms of insurance, the standard term for an umbrella policy is one year. The insurer typically reaches out before the expiration date, extending a renewal offer. However, some policies have shorter terms. Certain insurance providers even offer seasonal coverage that lasts half a year or less. In general, such abbreviated policies are uncommon.
Some insurers also provide the option of multi-year policies. Umbrella policies are a bit unique in that they are not sold in long-term blocks that range from three to five years in length. Though there is the occasional exception, most carriers tend to cap umbrella insurance policies at a single year, meaning annual renewal is the industry standard.
Be Thoughtful as Renewal Approaches
If your umbrella insurance policy is nearing its renewal date, take some time to review your policy’s coverage limits along with your unique risk exposure. Alter your policy’s liability protection as desired. Keep in mind, you can always negotiate or shop around though there is no guarantee those paths will lead to lower premiums or enhanced overage.
Contact Homeowners Insurance Group Today
If you are in the market for insurance and live in the greater Scottsdale, AZ area, you’ve surfed over to the right corner of the web. Give Homeowners Insurance Group a call for more information about our insurance coverages and also to get an affordable, fully personalized quote.