Umbrella insurance is a form of extra liability coverage that covers your expenses when you have reached the maximum limits on your existing policies, such as home and auto insurance. Umbrella insurance policies help protect your assets in emergency situations. They appeal to people who have a significant amount of assets. If you work in a high-risk endeavor, umbrella insurance can protect you if you are sued for causing property damage. Umbrella insurance strives to fill in the gaps left in your primary coverage. Not only does umbrella insurance cover you against serious home and auto claims, but you are also protected against allegations of libel or slander.
What Does Umbrella Insurance Cover
Umbrella insurance covers you if you are responsible for someone’s bodily injuries. You’re also covered if you’ve caused extensive damage to someone’s property. Umbrella insurance can help offset the costs of legal fees and settlements. You are also covered during serious personal liability situations. Usually, you’ll have a limit on your home and auto liability coverage. Sometimes, unique accidents occur, which extend beyond your liability limits. However, umbrella insurance provides an additional layer of protection in such situations.
Common Situations Where Umbrella Insurance Can Be an Asset
Consider a scenario where you are driving on the road, and you look down to check your phone. Suddenly, you are involved in a collision where the other driver has sustained a broken leg or other injuries. Perhaps your pet is having a bad day and bites someone. Maybe you are hosting a party at your home, and one of your guests is injured while using your swimming pool, or they are involved in an accident on the way home because you served them too much alcohol. These are some common situations where umbrella insurance can protect you from a financial nightmare.
Possible Exclusions
While you’re researching umbrella insurance, pay attention to possible exclusions. Ignoring possible exclusions may leave you in an uncomfortable situation one day. Umbrella insurance may not cover you if
- your personal assets are damaged
- you’re facing criminal charges for hurting someone
- you assume all liabilities under the policy
Consult with Gee-Schussler Insurance
Having umbrella insurance gives you peace of mind that you are protected if an emergency happens. Before choosing a policy, research all of the different features, benefits, and possible exclusions. If you purchase your umbrella insurance policy from the same insurer as your other policies, you may qualify for a discount. If you have questions regarding umbrella insurance, contact our team at Gee-Schussler Insurance Agency and we will assist you.
