Umbrella insurance is an incredibly useful policy to attach to your homeowners, renters, and/or auto insurance policy. The reason why it’s a good idea lies in extending your policy’s limitations, because while your coverage may reduce your costs to a fraction of what they were before, the remaining payments may still be overwhelming.
What Is Excluded From Umbrella Insurance Coverage?
“Umbrella” conjures the idea that a policy like this would cover anything and everything. It has the connotation of a policy that would pick up where your coverage left off, or fill in the gaps in your coverage. But that’s not the case.
Umbrella insurance won’t cover any kind of physical damage to the property, and it won’t cover lost or damaged possessions. And on the liability end, it won’t cover legal costs if it’s part of a legal responsibility you agreed upon in the contract.
What Will It Cover?
Umbrella insurance handles costs from a liability standpoint. For instance, with this policy, you can potentially ensure that you won’t have to cover any of the legal expenses in the event that someone gets injured on your property.
Property isn’t limited to a home you’re living in or leasing – if you have an umbrella insurance policy as part of your auto insurance, it will protect you from extensive legal fees if you collided with another vehicle in an accident you were at fault for.
It also helps protect against vandalism, slander, and libel.
Who Should Buy It?
This policy is more ideal for some than others. Not everyone is at equal risk for legal action. Umbrella insurance is best for those who have considerable amounts of assets. Wealthier people, for example, are more likely to be targets of lawsuits. Even if the court were to rule in the wealthy individual’s favor, that person still needs to cover costly attorney fees.
Other types of individuals who are best suited for umbrella insurance include small business owners, landlords, and those who participate in contact sports.
It may also be a good idea because of items you may have on your property. Trampolines, large dogs, and pools are examples.
Protect Yourself With Umbrella Insurance Today
If you’re in a situation where you are the subject of legal action, umbrella insurance can provide a major financial relief. And at Remco Insurance Services, we’ll be more than happy to assign you a policy that offers this type of protection at the lowest price. Call us today at 215-357-7878. You may also text us at 267-692-8296.
