Did you know that umbrella insurance can provide protection beyond the limits of your regular policy? Umbrella policies can help cover costs from lawsuits, property damage, and more. But who qualifies for this type of insurance? Keep reading to find out!
Homeowners insurance typically doesn’t cover everything – here’s when you need umbrella insurance
Homeowners insurance is there to protect you from the unforeseen. However, it doesn’t cover everything. If you’re looking for greater protection in the event of certain legal claims or damages, it may be right for you. This type of coverage kicks in when your homeowner’s insurance reaches its limit and can provide protection against shock costs that could otherwise leave you out of pocket.
Typical scenarios where an umbrella policy can be useful include lawsuits arising from libel or slander, damage to nearby property which isn’t covered under your existing insurance plan, and personal injury cases involving especially large damages. Make sure you understand both your current home insurance arrangements and the types of events that an umbrella policy may be needed for to make sure you have the peace of mind needed for whatever tragedies life may throw at you.
If you have assets or a high income, you may be at risk without umbrella Protection
If you have assets and/or a high income, umbrella insurance can help protect you from unexpected financial loss. It provides added liability protection for when your existing coverage falls short for bodily injury or property damage claims.
An umbrella policy extends beyond your car, home, and other insurance policies to cover you for legal fees and judgments, so if you don’t want to be left vulnerable, consider adding an umbrella policy to your mix. It’s worth noting that these policies are designed to supplement – not replace – the coverage that is already in place with your existing policies.
Even if you don’t think you need it, umbrella insurance can provide peace of mind
Protecting yourself and your family should always be a top priority. That’s why umbrella insurance can be a smart choice. Even if you don’t feel like you need the added coverage, having an extra layer of financial protection can provide peace of mind that if something unexpected happens, you will have the resources to help keep you afloat while getting back on your feet.
Here’s how to find out if umbrella Coverage is right for you
Umbrella insurance can be a great way to ensure you’re properly insured in case of an unexpected, large-scale loss. If you want to know if this type of coverage is right for you, here are some easy steps to get the answer.
First, start by understanding what umbrella coverage provides—it adds liability protection beyond your existing homeowner’s or auto policy limits. Second, review your current policies to see if they give you enough protection against major losses or if you have substantial assets that could be at risk.
Finally, consider any other liability risks that are specific to your situation, such as owning rental properties or often participating in activities with a greater risk of personal injury. By taking these steps and doing the right research, we hope it becomes clear whether signing up for umbrella coverage will help bring extra peace of mind.
In conclusion, umbrella insurance is worth considering if you want to feel secure in the event of an unforeseen accident. Homeowners and auto policies don’t nearly cover enough for many cases and someone without umbrella coverage can face an uphill financial battle if they ever experience a lawsuit. It’s especially important for individuals with assets or high income, as these are tremendous targets for potential legal action.
Ultimately, assessing your need for umbrella policies is the best way to determine if it would be beneficial for you – doing so can offer peace of mind that you’re safe and covered should something happen. If you think umbrella coverage is right for you but still have questions, call us today to speak with a specialist who can go more in-depth on policy details and options.
If you’re ready to get started, get an online quote now to find out which policy works best for your situation. Contact us today to learn more – let’s give you the security and peace of mind that comes from having the right coverage!
Robert Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.