It provides additional coverage to supplement your existing liability insurance policy or policies, protecting you and your assets against lawsuits or major claims. Umbrella insurance works in two ways. Firstly, umbrella insurance can provide coverage when your property insurance or car insurance policy coverages have been exhausted. Secondly, an umbrella insurance policy can provide extra coverage for perils that are excluded from other liability policies such as false arrest, slander, damage, bodily injuries, and liability on rental properties that you own and rent out.
Even if your homeowner’s insurance policy covers some or all of these perils, an umbrella insurance policy can insure you beyond the limits of your existing coverage. While not a requirement, an umbrella policy can provide extra peace of mind, knowing that no matter what, you and your assets are protected.
If you are in an at-fault accident in which the other party is injured, you may be liable for their injuries, medical bills, and legal costs. If your car insurance policy only covers $250,000 and the claim against you is over $1 million, your umbrella policy may cover the difference. This is just one example of how an umbrella policy can protect you. Umbrella insurance is available in increments of one million dollars, and can be purchased for coverage of up to five million.
If you are unsure about how much umbrella coverage you might need, call Insurance City Agency and speak to one of our insurance specialists. We can answer all your questions and help you decide on a policy that makes the best sense for your specific needs.
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