Having coverage, whether it be home insurance, auto insurance, or even life insurance, is the best way to make sure you, your family, and your assets stay protected. However, sometimes there are gaps in coverage. This is where umbrella insurance comes in.
Umbrella Insurance Explained
Umbrella insurance can be beneficial if you find yourself liable for a certain claim that exceeds what your auto or homeowners insurance policy will cover. In general, umbrella insurance helps supplement other liability insurance policies most people already own. It is designed to kick in when your liability policy has been exhausted.
To better understand how umbrella insurance works, let’s give you an example.
Let’s say you have a car as well as car insurance. You also have an umbrella policy. The umbrella policy will pick up where your auto liability insurance stops.
Umbrella insurance can also provide coverage for certain liability claims those insurance policies may not cover, such as:
- False imprisonment
Overall, the main objective of umbrella insurance is to protect you and your belongings from the financial fallout of certain unexpected events.
Who Needs Umbrella Insurance?
While umbrella insurance isn’t a policy that’s required to have, many people choose to add this type of policy just to have the comfort of knowing they have extra protection if needed. Most often, people who have a higher chance of being sued or who many assets they want to protect will look into getting an umbrella policy.
Umbrella insurance might be worth buying for you if these specific conditions match your situation:
- You have huge assets
- You own properties
- You own a business
- You have a risky hobby
Contact Us Today to Learn More
Are you interested in learning more? Then Contact Remco Insurance today to find out how the right umbrella insurance policy can help protect you, your family, and your assets.