Umbrella insurance is a type of insurance policy that some individuals may not be familiar with. This is because umbrella insurance is not a policy that offers the average amount of coverage. Umbrella insurance is more spanning and an add-on to your additional policy, pushing past certain limitations. This extra coverage could help to save you costly expenses. Speaking with an experienced insurance agent can help you determine whether or not umbrella insurance may be a good option for you and your needs.
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What is Umbrella Insurance?
If you are considering different insurance policies, you may have heard umbrella insurance tossed around. However, you may not know what umbrella insurance really means. Umbrella insurance policies are extensions of liability insurance policies. They are designed to help individuals have more expansive coverage than their current liability insurance policies provide. This means that those facing very costly expenses, such as medical expenses or legal fees, can increase their coverage to help limit this blow to their finances.
Benefits of Umbrella Insurance Policies
This type of insurance is designed to extend past your current liability coverage and cover areas that your current policy does not cover. This helps to provide you with two benefits when in regards to coverage.
The first thing that umbrella insurance does to help with coverage is it will increase your liability limit. For instance, auto insurance policies will present you with a limit of coverage. The limit amount can vary. If you get into an auto accident, that limit amount is how much your policy will cover. However, purchasing an umbrella insurance policy can allow you to raise this limit. So, if you were to get into an auto accident, that limit of coverage would be higher because it would be in addition to your auto insurance policy. The amount would depend on the cost of your umbrella policy.
Another benefit of umbrella insurance policies is that this type of insurance policy can help to cover claims that may not be covered by your liability policy. This may include slander, libel, or false arrest claims. An individual can then have coverage for those instances and not have to deal with the financial burden that lacks coverage.
Examples of Umbrella Liability Claims
You may be wondering what specific claim areas umbrella liability policies can help you with. Umbrella liability insurance is not a policy on its own but a policy that is an addition to a primary liability policy. Speaking with a professional insurance agent can help you determine the proper umbrella liability policy for you, as coverage can vary.
One type of umbrella liability insurance claim, and relatively the most common, is car accidents. Even if you are a safe driver and follow the road rules, you could still be involved in a situation where you have caused an accident. Once your limit has been reached for your regular auto insurance liability coverage, your umbrella liability policy will become activated and help you cover financial costs.
Another situation that is an example of an umbrella liability claim is a dog bite. Even though we do not like to think about it and never plan on it, our furry friend may bite or even attack someone they encounter. Besides just an angry neighbor, you could also have to deal with costly expenses. This may include a person needing to go to the hospital and even other expensive medical costs. Once your homeowner’s policy has reached its limit, your umbrella liability policy will then be activated to help cover the costs associated with the dog bite.
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How Do I Get Umbrella Insurance?
You will be able to get umbrella insurance from a few different locations. Umbrella insurance policies are offered by a wide variety of different insurance carriers. You will want to make sure that you decide on an umbrella policy that works best for you and your needs. This means that you will need first to identify your needs and then do your due diligence to determine which carriers or agents have your best interests in mind when deciding on a policy. You may also want to talk to multiple agents to determine who will provide you the most value for the price you are willing to pay.
Often, independent insurance agents are a prime choice for obtaining an umbrella insurance policy because they will identify which policy plan will work best for you. They will be able to look into different carriers’ policies, helping you find the best price.
Benefits of an Independent Insurance Agent
Instead of relying on an algorithm to tell you the best umbrella insurance policy, rely on a real human who can walk you through the process. Independent insurance agents can answer any questions you may have and address any of your concerns. They will not use any hard to understand jargon and make sure that you understand all the finer details of the policy you decide on, ensuring that you are happy with your decision. When you make a claim, your insurance agent will still guide you and help you handle the process. In short, independent insurance agents work for you to get you the best insurance policies and customer service.
Everyone can experience an unexpected claim. Having a claim go outside of your realm of coverage can be overwhelming and may put a large dent in your wallet. Instead, you may consider investing in an umbrella insurance policy. These insurance policies can help provide you with coverage in areas that your other liability insurance policy lacks and even help extend its reach, providing you with additional coverage in case you need it. Speaking with an independent insurance agent can help walk you through different liability policies, including umbrella insurance, to determine which policy is best for you and your needs.
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