You have many different options from which to choose when looking for insurance. One of these types is umbrella insurance. Although the term may vaguely seem familiar, most people aren’t really sure what it means.
Umbrella insurance is basically a kind of coverage that is a hedge against extra liability. Normally it is there to protect you from potential lawsuits and to help should there be big claims taken out against you. Having this extra protection can help save you and your family’s future, financially speaking.
Umbrella insurance provides an extra added layer of protection that goes beyond the limits of normal coverage for your home, car or boat. It can also help you with any claims against you such as slander, libel, false arrest and even from legal action from renters you might have. It is meant to be activated when the liability on your existing insurance policies has been exceeded.
Umbrella insurance can be a real financial life-saver for those who own rental units. It protects the landlord from such things as claims for a dog bite, a slip and fall, or from someone injured while visiting a unit in the rental property. People involved in an auto accident or some other kind of incident in which property is damaged can benefit from an umbrella policy as well. So can an person who might be held responsible for the injury to another in the aftermath of an accident or, again, from their dog biting someone, etc. The litany is a long one…
This type of insurance is designed to be used as an additional amount of coverage once the normal policy has been used up- In other words, it is yet another way for an insured person to be protected from costly out-of-pocket responsibility.
While homeowners may seem less of a candidate for this coverage, there is also the possibility of an injury occurring on the property or like a falling tree for example. This can result in a very costly lawsuit that may exhaust a regular homeowner liability insurance policy. An umbrella policy is tailor-made to make up the difference in these kinds of cases. Give us a call today to find out more!