Umbrella coverage is designed to cover gaps in your other insurance liability limits. If you have a personal umbrella insurance policy, it can play a major role in getting you back on your feet after an unexpected expense, helping you avoid the financial hardship associated with loss of personal assets or having to pay an expensive claim.
Primarily, an umbrella policy provides additional liability coverage intended to kick in when the policyholder reaches the coverage limit of another policy, such as a personal auto or homeowners insurance policy. It may also cover specific liability claims that are not included in other coverage, such as libel and slander.
Because it supplements existing insurance, umbrella coverage is not required. But because an umbrella policy may prevent you from taking a major financial hit, it’s worth considering under a number of circumstances. It may be worthwhile to secure umbrella coverage if you:
The best way to determine how much umbrella coverage you need is to add up the value of your savings, investments and property, and compare it to the liability insurance you have through other policies. Then you can look into securing an umbrella policy that would make up the difference.
Looking to get a quote on personal umbrella insurance? Reach out to ProtectALL Insurance today.