Experiencing a major insurance claim or lawsuit could lead to personal financial loss if costs exceed the coverage(s) provided by your underlying homeowners and car insurance policies. Umbrella insurance provides an additional limit to help protect your financial future. Umbrella Insurance is an extra liability policy for added peace of mind.
Personal umbrella insurance covers you specifically for liability, which is the cost you might have to pay to somebody else for an unfortunate event where you are deemed to be liable.
You’d usually get umbrella insurance when your main insurance policy has liability coverage limits that are too low for your needs. Umbrella insurance will only pay out when your main policy has already paid out in full, and it will only pay out the remainder of your costs.
For example, if your auto policy covers liability up to $500,000 but you cause an accident that leaves the other driver with medical bills of $850,000, your main policy will pay out in full, and the umbrella insurance policy will kick in for the remaining $350,000
The umbrella insurance policy itself will have its own limit, but this is less likely to be an issue. An umbrella insurance policy can be cheaper than you might think. While it covers large potential payouts, the premium usually reflects the reduced risk that the policy will need to pay out. Talk with us about adding cost-effective umbrella coverage to your account. It’s easy and provides the additional protection needed to protect you and your family.
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