Do you feel like your insurance policy may not be enough? Often an insurance policy has a limit and if a situation occurs that causes that limit to be reached and surpassed, you are left digging into your own pocket. There are a number of different scenarios that can have this same outcome. However, if you don’t want to dig deeper into your pocket, this outcome can be different if you had Umbrella Insurance. InsureWise LLC would like to share what Umbrella insurance is and how it can help protect you beyond what your other insurance provides.
What is the Purpose of an Umbrella Insurance Policy?
Umbrella insurance is a type of personal liability insurance. When you are found liable for a claim greater than what your homeowner’s or auto insurance policy will cover, Umbrella insurance will pick up the rest. Umbrella insurance can also cover other areas or items that your other insurers will not. For example, some auto insurers will not cover boats, watercraft, and campers. You can seek an umbrella insurance to help cover items or areas that your primary insurance company will leave off.
What Does Umbrella Insurance Usually Cover?
Umbrella insurance can cover other types of liability claims such as libel, false imprisonment, and slander. For those living on a rental property, umbrella insurance can help cover beyond what a limited renters policy will cover. For those with pets, Umbrella insurance can even cover pet attacks in the rare event this may occur. There are a number of different applications for Umbrella insurance, so it will depend on your own needs.
What Questions Should I Ask an Umbrella Policy?
There are countless scenarios where in the end, you are found responsible for causing injury or damage to another and you now must cover repairs or medical costs. Another benefit of an Umbrella insurance is that you are not the only one who is protected but so is your entire household. If you have a young teen driver and they get into an accident where they are at fault, the Umbrella insurance still applies. When applying for Umbrella insurance you can add household members to the policy to ensure everyone is protected.
Is Umbrella Policy Insurance Expensive?
Umbrella Insurance cover claims that is in excess of regular homeowner’s, auto, and watercraft policies. When applying for umbrella insurance, you may wonder what is going to be the cost of the policy? Additionally, exactly how much more will Umbrella insurance cover? Every Umbrella insurance will vary on how much it will cost and how much it will cover. The answer to these questions will depend on a few factors such as:
• The Amount of Coverage
• The State where the Policy Holder Lives
• The Risk the Policy Holder Presents to the Insurance Providers
However, you will find that Umbrella insurance is not that expensive. For example, on average a one million dollar insurance policy may cost the policy holder between $1550 to $3000 a year. A two million dollar policy may be an additional $50 extra each month. Umbrella insurance is so cheap mainly because it is not your primary insurance provider. It will be your primary insurance provider who is responsible for the upfront costs and only when the funds run out will umbrella insurance kick in.
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Umbrella insurance can help provide additional protection for an entire household. If you feel you need additional coverage that your primary insurance company will not cover, then contact InsureWise LLC and ask us about your own Umbrella insurance policy today or complete this quick and easy online form.