Ever wonder why umbrella insurance policies are so affordable? This is because they are designed to kick in only after you have exhausted your liability coverage under your auto or homeowners policy, which results in lower monthly premiums.
In an accident, you can’t control who you might injure, making umbrella insurance all the more important. If you injure, for example, the CEO of a large company, you will owe a great deal of money for lost wages.
If you are a small business owner, additional umbrella insurance – which is a type of liability insurance - can help to ensure that your business is safe in the event of accident or lawsuit costs exceeding the coverage of your regular insurance policy.
If you have employees, talk with your representative about an umbrella liability policy to supplement worker’s compensation or other insurance you may be carrying. When claims exceed the limits of your basic coverage, you need something that has your back.
In today’s world of lawsuits, courts are awarding larger amounts of money than ever for accidents, despite the fact that most policies have a limit on liability insurance. Thus, having umbrella coverage is important for everyone.
When deciding whether umbrella insurance is right for you, some things to keep in mind are whether you own a home, whether you own any significant assets, and whether you have built an investment portfolio or retirement savings account.
Umbrella insurance policies will cover the cost of damage or loss to another person’s tangible property. This might include costs associated with damage to vehicles and other property as a result of an auto accident and accidental damage to school property caused by your child.
Umbrella insurance makes a great addition to your insurance portfolio. It’s a great way to ensure that significant assets are covered for a relatively inexpensive price.
Swimming pools are some of the great luxuries in life, and having one adds significantly to the value of your home. However, accidents can happen, and having an umbrella liability policy can protect you in the event you exceed the limits or your underlying policies.
Do you have a beautiful home, nice cars, and expensive belongings? Do you know they are at risk if your liability coverage is insufficient? Experts say umbrella coverage can offer the additional protection in the event of damage or injury you cause to someone else results in a substantial legal award or settlement.
Keep in mind that most insurers offering umbrella coverage require the insured to have a certain level of liability limits on auto and homeowners policies. Speak to your agent to find out what these requirements are.
If you host a lot of parties and social events at your home, extra liability insurance coverage can ensure that you are completely covered – and that all of your assets are safe – if a guest has an accident in your home.
How is umbrella insurance different from excess insurance? Excess insurance only goes into effect when all other policies are exhausted, but umbrella insurance will fill in current insurance coverage gaps for wider and more accessible coverage.
Did you know that umbrella policies did not become widely known and sold until the 1960s? In fact, many businesses did not purchase their first umbrella policies until the 1970s.
Did you know that umbrella insurance does more than protect you from property damage and bodily harm liability? It also protects against such incidents as false claims, false arrest, invasion of privacy, and intentional acts such as libel, slander, and vandalism.
There are many benefits to having an umbrella policy, including fiscal responsibility, prudence, and more, but the biggest reason can’t be put in numbers. The truth is, when you have an umbrella policy, you get the peace of mind from knowing you’re fully covered.
If you head up a municipal sports league, you know that carrying liability insurance is important. However, are the limits of the policy enough to cover all your expenses if something drastic happens? An umbrella liability policy will extend the coverage your league has so that no one takes a financial hit.
Umbrella insurance can be a way to protect a business as well as your home and possessions. Do you have a small business that you operate out of your home? Imagine what could happen if a customer is injured on your property.
Did you know that an umbrella policy can be extremely beneficial if you own rental units such as apartments? For example, if someone trips over a crack on your rental property and sues you, the umbrella policy would cover any defense costs in court.
If you are a professional, liability insurance alone may not be enough to keep you protected. Often the limits of these types of policies are not enough to cover a person’s assets.
How can I tell if I need an umbrella insurance policy? Simply add up your assets and compare that figure to the liability coverage in your home and auto policies. If the assets are greater than the coverage, that means you are at risk and should consider umbrella insurance, according to experts.
There are two basic steps involved in determining whether or not you need umbrella insurance. It’s recommended that you first add up your assets (the worth of your home, bank accounts, stocks, and other assets) and then see how much liability coverage you have on your homeowners and auto policies.