Benefits of Umbrella Coverage

Benefits of Umbrella Coverage

Umbrella Insurance is a type of liability insurance that provides additional coverage beyond the limits of your primary insurance policies, such as auto or homeowners insurance. It serves as an extra layer of protection, and there are several benefits to having umbrella insurance:

  1. Increased Liability Protection: The primary purpose of umbrella insurance is to provide additional liability coverage. If you're sued for damages that exceed the limits of your primary insurance policies, your umbrella policy can cover the excess amount, helping to protect your personal assets.

  2. Broader Coverage: Umbrella insurance can extend coverage to a wide range of situations, including personal injury claims, libel or slander lawsuits, and even false arrest or imprisonment claims. This comprehensive coverage can protect you from various unforeseen events.

  3. Cost-Effective: Umbrella insurance is generally affordable compared to the amount of coverage it provides. It offers a cost-effective way to increase your liability protection significantly.

  4. Peace of Mind: Knowing that you have extra protection in place can provide peace of mind. You won't have to worry about potentially devastating financial consequences if you're involved in a major accident or face a significant lawsuit.

  5. Protection for Assets: Without umbrella insurance, your personal assets, such as savings, investments, and even your home, could be at risk if you're sued for a substantial amount. Umbrella insurance helps safeguard these assets from being seized to cover liability claims.

  6. Coverage for Legal Fees: In addition to covering damages, umbrella insurance typically includes coverage for legal fees, which can be substantial if you're involved in a lawsuit. This can help ease the financial burden associated with legal defense.

  7. Coverage Worldwide: Umbrella insurance often provides coverage worldwide, which can be beneficial if you travel frequently or own property abroad. It ensures you have protection no matter where you are.

  8. Protects Future Earnings: If you're found liable for a significant amount in a lawsuit, your future earnings could be at risk. Umbrella insurance can help protect your future income by covering the costs associated with the lawsuit.

  9. No Deductible: Unlike many primary insurance policies, umbrella insurance typically doesn't have a deductible. This means coverage begins immediately, and you don't have to pay an out-of-pocket amount before the policy kicks in.

  10. Customizable Coverage: Umbrella policies are often customizable, allowing you to tailor the coverage to your specific needs and assets. You can choose the coverage limits that make the most sense for your situation.

It's important to note that umbrella insurance is designed to complement your existing insurance coverage, so you'll typically need to maintain certain minimum limits on your primary policies to be eligible for an umbrella policy. It's advisable to consult with an insurance agent or financial advisor to determine if umbrella insurance is right for you and to discuss the appropriate coverage limits for your specific circumstances. Call or email us today to discuss your options! Submit your quote request here:  https://insuranceform.app/l/default/Li_6BGE5GJjf2M 

Questions?

Call us at 405-759-3652

or

Contact Us x