Is It Worth Having An Umbrella Policy?

Is It Worth Having An Umbrella Policy?

Umbrella insurance is an optional form of insurance you can attach to an existing policy. It is a low-cost addition that can protect you from exorbitant liability costs that may jeopardize your finances. For certain individuals, this kind of insurance can be a lifesaver.

What Is Umbrella Insurance?

Umbrella insurance offers legal protection, but its coverage does not extend to damaged property, or lost or stolen items.

It’s an add-on to what you already have and acts as a supplement. You can get umbrella insurance for numerous policies, including auto, renters, and homeowners insurance. It is best to purchase an umbrella policy from the same insurer who issued you the policy you want umbrella coverage for.

What Are Examples?

One example is in an event where someone sustains an injury on your property. Your renters or homeowners insurance would cover the legal fees, but perhaps not enough to keep the expenses from putting a dent in your pocket. Once your homeowners coverage has been exhausted, umbrella insurance will kick in and take care of what it can of the rest.

Another example is one where you cause an accident while driving. In this case, the other driver may sue you for damages to the vehicle, plus medical expenses if the accent resulted in bodily harm. Like the previous example, your coverage will kick in where your auto insurance left off.

Who Is Umbrella Insurance Best For?

It can be argued that everyone should purchase umbrella insurance alongside an auto, renters, or homeowners policy. Anyone can be subject to lawsuits.

However, there are certain individuals who ought to consider getting an umbrella policy more than others. These are individuals who may have a higher income, with valuable assets that are unaffordable for most people. For this reason, a wealthier individual would be a prime target for someone looking for an excuse to take legal action. The same applies to small business owners.

Property owners who lease properties, and those who have potentially dangerous items such as pools and trampolines should also seriously consider umbrella insurance. These pose a high safety risk, and an individual trespassing for the sake of using one of these items may still pursue legal action despite committing a crime in the process.

Other individuals well suited for umbrella insurance are those in sports where one can cause injuries to another person, such as rugby or basketball.

Find Homeowners Insurance Today

At Remco Insurance Services, we put your satisfaction and peace of mind first. Whether it’s umbrella, renters, auto, or homeowners insurance, we’ve got the policy for you, and we’ve got it at the lowest price. Call us today at 215-357-7878, or text us at 267-692-8296.