Umbrella Insurance
Life is unpredictable; sometimes, even the most cautious among us face unexpected liabilities. That’s where umbrella insurance acts as a shield extending beyond your standard policies, helping to safeguard your assets and financial well-being. Whether you’re a homeowner, a car owner or simply someone who values peace of mind, umbrella insurance is an essential consideration.
What Is Umbrella Insurance?
Umbrella insurance may help provide extra liability protection beyond the limits and coverage of other policies, such as auto or home insurance. It generally kicks in when another policy reaches its limit.
For instance, if you’re at fault for a car accident that causes losses beyond your auto liability limits, an umbrella policy may cover remaining legal expenses and related payouts.
Umbrella insurance, categorized as personal and commercial umbrella policies, can benefit individuals and businesses. Specific coverage offerings will depend on what type of policy you seek, whether for personal or business purposes.
Why Is Umbrella Insurance Important?
Umbrella insurance is a crucial layer of protection that can help shield you from financial catastrophe in certain situations. Umbrella insurance is essential for the following reasons:
- It supplements existing policies. Umbrella insurance doesn’t stand alone; it complements other liability policies you likely already have, such as auto, homeowners or renters insurance. When the liability coverage on those policies is exhausted, the umbrella policy generally kicks in. It can cover liability that exceeds the amount provided by your standard insurance policies.
- It can protect your assets. Umbrella insurance can shield your assets from financial hardship.
- It can provide peace of mind. Knowing you have extra protection beyond standard policies provides peace of mind.
How Much Do Umbrella Insurance Policies Cost?
The cost of an umbrella policy depends on factors like coverage amount, risk profile and underlying insurance limits. Contact Allgood Insurance to discuss your umbrella insurance policy options and obtain a quote for coverage.