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You have homeowners insurance, to protect your home and so on.

So, when confronted with the prospect of umbrella insurance, you might think, “Why would I need that? I’ve already insured all these other things”. And if you’re a bit of a jokester, you might quip that you don’t need to insure your umbrella!

In truth, though, many people could benefit from umbrella insurance for a variety of reasons.

Did you know that your other insurance policies likely place a limit on on liability claims? For example, if you’re involved in an auto accident and receives a settlement of $750,000. That leaves you stuck with a “bill” of half a million dollars!

A similar dynamic could be at play if someone is injured on your property, and wins a settlement beyond the coverage amount of your homeowners insurance policy or business insurance policy.

An umbrella insurance policy is designed to extend the liability coverage offered through other types of insurance, in the event that you ever owe damages beyond those coverage limits. In particular, umbrella insurance covers claims for bodily injury, personal injury, property damage, andlord liability.

As with other forms of insurance, an umbrella insurance does have its limitations. For example, if you harm someone while committing a crime, your umbrella insurance won’t help if they sue you for damages – but you wouldn’t do that anyway! Our point is, you should carefully investigate the coverage and limitations of an umbrella insurance policy before enrolling in one (as with any other form of insurance).

We can help with that last part. Give us a call, and choose one that suits your needs.