All You Need To Know About an Umbrella Insurance Policy

Do you think your current auto insurance or home insurance policy doesn’t offer enough liability coverage? If you have an expensive property or significant savings, an umbrella insurance policy is just what you need to secure your financial assets.

In addition to that, if you engage in activities that may harm other people or increases your chances of being sued, an umbrella policy can get you out of that hassle too. These activities may include being a landlord, volunteering, practicing sports, or serving on the board of a non-profit.

If you only have a slight clue about what umbrella insurance policy is, here’s something that could help you out.

What is an umbrella insurance policy?

It’s an extra liability insurance coverage that extends beyond the limits of homeowners or auto insurance. Umbrella insurance policy provides an additional layer of security for those who are at risk of being sued for damages or injuries caused by accident. In addition to that, it also protects against vandalism, invasion of privacy, and libel.

What does it cover?

The liability coverage provided under the umbrella insurance policy protects you from:

  • Litigation that arises from injury or property damage.
  • The associated costs of legal defense if you get sued.

How does it work?

The added coverage provided by an umbrella insurance policy is beneficial for those individuals that have a high net worth or own a multitude of expensive assets. But it isn’t limited to just that since small businesses can also guard their monetary damages using an umbrella insurance policy.

If a policyholder is sued for damages that exceed the liability coverage provided by his auto insurance, the umbrella insurance policy kicks in. It’s also referred to as excess liability insurance and functions as a fail-safe for those individuals who don’t want to dip into their financial assets or savings.

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How much coverage does umbrella insurance come with?

The amount of liability coverage you receive depends on your umbrella insurance provider, as it can vary between insurance companies. The coverage also depends on your budget and the package that you want to opt for.

Before settling for policy, it’s always better to do your research and compare quotes from several insurance providers. You can talk to representatives of several companies to find out how much they’ll charge for similar coverage packages.

If you’re looking for a reliable umbrella insurance provider in PA, get in touch with Gilmartin Insurance Agency!

The leading providers of insurance in Lehighton, Jim Thorpe, Pittston, and Clarks Summit can help you compare umbrella insurance packages from all of their insurance companies so you can receive the maximum amount of liability coverage at the best rate. The insurance agency also provides home insurance and car insurance.

Get a quote today!

Categories: Insurance

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