What is Umbrella Insurance?

When you are considering how to protect your family and assets, the type of insurance you have comes to mind. While thinking this through, you may take inventory of your current personal liability policies. There could be potential gaps between your various policies, a product that can help close those gaps is an Umbrella Insurance Policy. You may ask, “what is Umbrella Insurance?”. Well, keep reading to find out.

What is Umbrella Insurance?

Umbrella insurance is extra liability coverage. It’s indispensable when you’re liable for a claim larger than your homeowners or auto policy insurance coverage limitations. In addition, Umbrella Insurance can cover certain liability claims like false imprisonment or slander that are not part of other policies. This type of insurance can protect you, your family, and any other members living in your household.

How Does it Work?

An umbrella policy will help you protect your future and assets in two ways. It will provide coverage when there are certain exhausted insurance policy limits (coverage ceilings). And for potential excluded claims by other liability policies (“coverage – situations” not included in your existing policies).

Why Do You Need It?

You should have umbrella insurance if your assets’ total value is higher than the limits of the liability of your homeowner or auto coverage. You want to be certain that you have plenty of liability insurance to cover all your assets. This way you don’t lose the assets in a lawsuit.

You may also consider Umbrella Insurance if you feel you are at risk for a particular type of claim that is not covered in your existing insurance services. Say, due to your personal and family circumstances that you want additional coverage for liability beyond what is covered in traditional auto and homeowners policy, it is best to reach out to one of our Representatives to review if an Umbrella Policy makes sense for your situation.

You have worked for decades to build your investments and savings. If you have assets worth more than half a million dollars, you really should consider Umbrella Insurance. That way, it can protect all the hard work you’ve done. Otherwise, you are taking an unnecessary financial risk.

Accidents can result in high costs and happen to anyone. Umbrella Insurance can help prevent you from having to pay out of pocket for someone else’s legal or medical bills if found responsible.

Conclusion

No one wants to be found liable and lose assets over an uncontrollable incident. Speaking with one of our Insurance Professionals about an Umbrella Insurance Policy can help prevent this situation. For more information, visit our Personal Umbrella page. Reach out to a representative and get a quote today!