What is Umbrella Insurance?
Umbrella Insurance provides additional coverage for your car, home, boat or rental property when the limits of your primary policy have run out. The added coverage can protect your personal or business assets if a person files a claim against you.
Who Needs Umbrella Insurance?
It’s recommended that every person gets an Umbrella Insurance policy with a minimum of $1 million in protection. Your insurance protection should match your net worth.
Auto accidents and injuries can happen without notice. An Umbrella Insurance policy can protect your home, bank account, and future earnings.
How Does It Work?
An Umbrella Insurance policy isn’t used until a claim has exhausted your primary insurance policy. Here’s an example of how it works.
As a result of an automobile accident, Jim is being sued for $500,000. His basic policy only covers up to $300,000. Since Jim has an Umbrella Insurance policy, the additional $200,000 will be covered by this policy.
Types of Umbrella Insurance
Umbrella Insurance provides coverage for automobiles, homes (including rental units) and boats. It increases the limits for the following insurance claims.
Slander, Libel, Malicious Prosecution and False Arrest
Benefits of Umbrella Insurance
The main benefit of having Umbrella Insurance is it extends the amount of coverage for your basic policy. Most auto insurance policies cover up to $300,000 in coverage for liability. With an Umbrella policy, you can extend your coverage to $1 million or more.
Other benefits of Umbrella Insurance include:
Insurance premiums are affordable.
It can be easily added to your existing insurance policy.
It can protect your financial well-being.
Not only can Umbrella Insurance coverage protect your future, it can protect your peace of mind. Contact an insurance agent to determine if an Umbrella Insurance policy is right for you.