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What is Umbrella Insurance?

What is Umbrella Insurance?

You might know about homeowners insurance, automobile insurance, life insurance, and even flood insurance, but do you know about umbrella insurance? If you’ve never heard of umbrella insurance, you may be wondering, “what is umbrella insurance?” There are actually a multitude of reasons why you may need it.

What is umbrella insurance?

To consider adding umbrella insurance to your current insurance policy, you’ll first need to understand what exactly it is. Umbrella insurance protects excess liability that cannot be covered under a traditional insurance policy.

For example, something like a homeowners insurance policy would protect you financially in the event of a fire or robbery, but it can only cover damages up to a certain amount. Every standard insurance policy has liability limits, but in the event your assets exceed the amount of these limits, umbrella insurance is the extra coverage you need and kicks in when your normal coverage has been exhausted.

Who needs umbrella insurance?

Anyone who has assets that may not be covered under a standard insurance policy needs umbrella insurance. Additionally, this coverage can be used for business or home needs alike. If you have assets that exceed the total amount of a standard insurance policy, it’s best to have something in place to protect them in the event something happens.

What else does umbrella insurance protect?

Besides protecting assets that aren’t covered under a traditional insurance policy, umbrella insurance can protect you from extreme scenarios that can leave you in serious financial trouble. For example, say you’re driving on the highway, lose control of your vehicle and cause a collision with not just one, but multiple vehicles. A typical auto insurance policy would not cover all of the damages associated with the accident, nor would it protect you in the event the involved parties take legal action against you.

While umbrella insurance is typically recommended for those with valuable assets, our insurance agency also recommends getting an umbrella insurance policy to keep yourself protected from scenarios that would leave you in a financial crisis. Therefore, if you’re left asking, “what is umbrella insurance?” just remember it’s important coverage that protects you from major liabilities.

Don’t leave yourself or your family exposed to risk, make sure you have the right protection today. To talk to one of our licensed insurance agents, click the button below.

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