Get the additional financial protection you need with the right personal umbrella insurance.
While you have homeowners and auto insurance already in place, what happens if a claim event exceeds your coverage limits? This is where the coverage from a personal umbrella policy steps in. Personal umbrella is a special type of insurance that is designed to supplement the liability coverage offered by your existing policies. Having this type of coverage ensures that the cost of a particularly expensive claim does not come out of your own pockets. Here’s what you need to know about personal umbrella insurance.
What It Covers
As mentioned above, personal umbrella insurance is designed to offer liability coverage to supplement the coverage you have with your existing personal policies. For instance, imagine that you cause an auto accident that results in $500,000 of damages. While your auto coverage might offer $300,000 in liability coverages, this means you would be personally responsible for the remaining $200,000. Luckily, if you have personal umbrella insurance in place, your policy will kick in at this point and cover the remaining cost of the claim. In summary, personal umbrella coverage helps you cover extensive claims, so your personal finances are not compromised.
Who Needs This Coverage?
While personal umbrella insurance is not a mandatory coverage, almost everyone can benefit from having this additional protection. This is because everyone is at risk of being involved in an expensive claims event. Whether it be a major auto accident or a serious liability claim arising on your property, you never know when you will be hit with a particularly devastating claim. Having personal umbrella insurance in place ensures that you are ready for the unexpected. Additionally, securing an umbrella policy is way more affordable than raising the coverage limits on all of your existing policies. When it comes to filling potential risky gaps in your personal liability coverage, personal umbrella insurance is the most comprehensive and cost-effective solution available.
This is what you need to know about personal umbrella insurance. Interested in securing this essential personal coverage? For assistance with all your coverage needs, contact an insurance professional at Westwood Insurance Agency today.