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The Benefits of Having Umbrella Insurance

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The Benefits of Having Umbrella Insurance

Unlike most home and auto policies, no one requires you to have umbrella insurance. Does that mean you don’t need it?

Adding an umbrella policy, which goes above and beyond standard insurance, could be a smart decision.

Here’s what to know about umbrella insurance, along with a few examples of when additional coverage could protect you financially.

What is umbrella insurance?

Umbrella insurance provides extra liability protection on top of what your auto, home or renters policy covers.

For example, if someone sues you for a covered event and the loss exceeds your policy’s liability limit, your umbrella policy can cover those extra expenses.

What does umbrella insurance cover?

Here’s another example: You’re driving home when a cyclist swerves out of the bike lane — and you can’t react fast enough to avoid hitting them.

If the cyclist is injured, they may sue for medical expenses and lost wages. Unfortunately, your auto insurance policy maxes out in liability coverage, and the cyclist could be seeking a larger amount than your standard policy will pay. An umbrella policy would cover the remaining amount and protect you from financial loss.

Not only will an umbrella policy help in a situation like this, but you’ll also have the same benefits if someone is injured while visiting your home.

Who needs umbrella insurance?

Umbrella insurance can be a valuable tool if you have assets to protect.

It can also provide quite a bit of coverage relative to the price because you may need to carry the maximum liability coverage available for your auto, homeowners or renters policy before you can purchase an umbrella policy.

Get in touch today to discuss adding an umbrella policy or anything else.