While you likely have the standard policies (auto, home, renters, and so on) in place, the liability coverage offered by these policies are subject to certain coverage limits. Should you experience a serious liability event, then your existing policies might not be enough to properly address your expenses. This is where umbrella insurance comes in. This type of insurance is designed to supplement your basic liability policies, offering additional coverage when you reach their limits.
Also known as “excess liability insurance,” umbrella policies offer liability coverage that exceeds the limits of your basic policies. In addition to offering higher coverage limits, umbrella insurance policies also offer a wider array of coverages than a standard liability policy. For instance, in addition to the standard the bodily injury and property damage coverages, your umbrella insurance can also cover liability issues related to false arrest, libel, slander, and so on.
To better understand how umbrella insurance works, imagine that you are legally responsible for a major car accident. Between the medical, repair, and legal costs of the accident, you are responsible for $750,000 in damages. While you do have auto insurance in place, your policy only offers $250,000 in liability coverage. So how can you come up with the remaining $500,000? Well, if you have umbrella insurance in place, then this policy will cover the remaining costs of the accident so they don’t come out of your own pocket. By having the protection that only umbrella insurance offers, you can ensure that your personal assets are safe in the event of a serious liability issue.
Interested in addressing your coverage gaps with the right umbrella insurance? Then don’t hesitate to turn to the experts at Premier Risk, LLC. Our experienced team is ready to secure the right policies to meet all your coverage needs. Contact us to get covered today.