Let’s start off with discussing what Umbrella Insurance is. While most insurance policies only cover one specific kind of insurance, this insurance covers most aspects of your financial life; it is there to protect you in case your other insurance policies wouldn’t be enough to cover all of the cost of damages or accidents. It also covers any legal bills that may accrue for accidents or damages and if you are sued for damages other policies might not cover.
What does Umbrella Insurance cover?
- Bodily Injury
- Property Damage
- Legal Fees
What doesn’t Umbrella Insurance cover?
- Malpractice lawsuits
- Worker compensation claims against employers
- Business related damages or activity
- Damages you caused intentionally
So, do you need Umbrella Insurance?
Most policies are sold starting at $1 and increase by the million. In many cases you can only get it if you already have a high dollar liability coverage on your auto and home insurance. With that in mind it is good for individuals who have assets to protect, if your net worth is $1 million, or if you spend a lot of time on the road and you have more of a chance of an accident and being sued. If you fall under any of these categories, then give us a call and let’s talk about an Umbrella Insurance policy for you.
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