What is Umbrella Insurance?
Umbrella Insurance provides exactly the kind of coverage it sounds like. It provides a financial umbrella for you. Liability issues lurk everywhere in today’s world. An umbrella insurance policy is designed to protect you from liability issues that extend beyond the liability limits of a standard insurance policy, such as your homeowner’s insurance, car insurance, etc. Umbrella insurance literally puts you under its umbrella so that if and when you exceed the liability coverage limits on an insurance policy you and your assets will still be protected.
What does Umbrella Insurance cover?
Most liability coverage in your current insurance policies only covers bodily injury and property damage. Umbrella Insurance policies extends those limits so that not only does it provide additional coverage for bodily injury and property damage, but also to cover additional losses that are not listed under most standard liability allowances. Every insurance policy is different, so what may be considered a covered claim under one policy may not be covered on another. Umbrella Insurance kicks into place when the coverage issues present themselves and/or you exceed the liability coverage under a regular insurance policy.
Why should you purchase Umbrella Insurance?
You may think you don’t need an Umbrella Insurance policy, but consider this: What would happen to you and your family’s assets if you were sued for a homeowner’s claim and the legal costs of the lawsuit greatly exceed the liability coverage defined by your homeowner’s policy? Who would pay the costs if you were responsible for a multi-car accident and the liability exposure exceeded the limits on your car insurance? Without Umbrella Insurance you could be personally responsible for these losses. Although these events may be few and far between, you can never be too careful when it comes to protecting you and your family’s future. Umbrella Insurance can usually be purchased at a very reasonable cost and given the protection it offers you shouldn’t have to worry about policy limits in the future. Contact Insurance Specialists today for more information on Umbrella Insurance policies and get a free quote!