You may have heard the term before, but what is umbrella coverage? In today’s post, the experts at Insurance Shops explain the ins and outs of umbrella coverage and how we can help you find the best policies.
As the name suggests, umbrella insurance can offer wider liability coverage than the policies you already have in place. This means if you end up in a situation where the total sum of your liability burden is greater than what your insurance will pay out, umbrella coverage will cover the rest. This type of insurance is designed to protect you, your family and your personal savings from life’s worst-case scenarios. Coverage often extends to members of the policyholder’s family or household.
What Does Umbrella Insurance Cover?
Umbrella insurance can cover excess liability beyond homeowners, auto, watercraft and renters’ insurance. Umbrella policies are fairly inexpensive when compared to other types of insurance, and they can cover both injury and property damage to others and their possessions. Some policies even include liability claims that your other policies don’t, including libel and slander.
It’s important to note that an incident does not have to involve your property or vehicle in order to be covered by an umbrella policy. If, for example, your dog runs out of your yard and attacks someone, your policy could cover their medical bills or protect you in the case of litigation. In a situation that does involve your vehicle, umbrella insurance can be incredibly helpful in the event that you cause a multi-car accident.
What Umbrella Insurance Doesn’t Cover
It’s important to note that umbrella coverage is a type of liability insurance. While it covers property damage or injury to others, it does not cover injury or property damage to yourself or members of your family/household.
Who Needs Umbrella Coverage?
No one is immune to personal liability if they end up at fault for accidental injury or property damage. That’s said, there are some individuals who might be at a higher-than-average risk to end up in situations where umbrella insurance would be necessary. This includes those who rent out property, frequently have large parties, public figures and so forth.
Work with Insurance Shops!
Our services come at no cost to you! Our qualified insurance agents will run quotes for umbrella coverage through the companies in your area and recommend policies that meet your needs and your budget. Insurance Shops has over 25 years of experience as a trusted resource for all your insurance needs. Fill out our contact form or call (215) 613-4999 for a free quote and get started!
