Umbrella Policies
An umbrella policy is designed to cover high dollar claims that may not be completely covered by your regular insurance policy. Umbrella policies can protect you from lawsuits arising from an accident or severe home damage. They provide another layer of coverage over and above your auto, homeowners, boat owners, and other policies. A good candidate for an umbrella policy would be someone who owns multiple properties or someone who has a lot of equity in their home. However, those are not the only requirements. An umbrella policy also offers reassurance for people who have many additional assets in their home, such as a swimming pool, expensive electronics equipment and much more. Umbrella policies can also fill “gaps” in coverage not provided by your underlying policies, such as coverage for libel and slander.
Having an umbrella policy is a good way to protect you, your family and your assets. It is a good idea to purchase your home, auto, and umbrella insurance from the same carrier. By doing this you may be able to receive additional discounts on all of your policies. Consolidation with one provider can also save you time when filing a claim by only having to go through that single company; and if you have ever had to file a claim before, I’m sure you agree.
This content is offered for educational purposes only and does not represent contractual agreements. The definitions, terms and coverages in a given policy may be different than those suggested here and such policy will be governed by the language contained therein. No warranty or appropriateness for a specific purpose is expressed or implied.