Umbrella insurance provides extra coverage when you exhaust your limits for other insurance policies. This means that an umbrella insurance policy can cover your liability for homeowners, auto, and other types of liability claims.
What Is Umbrella Insurance, Anyway?
Umbrella insurance is a product that protects your personal liability. If you are a homeowner, driver, business owner, or someone else who can incur liability for an accident, you can be sued when one happens.
Chances are you have insurance that shields your personal liability, which protects your personal assets from legal claims against you. If you don’t have enough coverage, however, plaintiffs can seek compensation from your personal bank accounts, investments, and other property, which can be financially devastating.
The purpose of umbrella insurance is to extend your liability coverage by kicking in when your current coverage limits aren’t enough.
Who Needs Umbrella Insurance?
Umbrella insurance can be useful to anyone who may be concerned about their liability coverage. If you aren’t sure if your current insurance policy coverage would be enough to shield you in the event of a lawsuit, purchasing an umbrella insurance policy may be beneficial to you.
What Umbrella Insurance Doesn’t Cover
It’s important to keep in mind that umbrella insurance protects your liability. Therefore, it can’t cover your injuries or damage to your personal property. It is also unlikely to cover you if you caused damages as the result of criminal behavior. Lastly, it probably won’t cover any liability you assume under a contract.
Contact Insurance Specialists, Inc. to Learn More
If you have additional questions such as, “How much does an umbrella policy cost?” our team at Insurance Specialists, Inc. can help. By assessing your insurance needs and budget, we can match you with a plan that makes the most sense for you.
Get in touch with us today by completing our online contact form to learn more.