You never know when a lawsuit will be filed against you. There are so many different scenarios that can leave you with a major settlement that you must find a way to pay. There are many different insurance policies that are designed to help in these said scenarios. However, there are still a number of lawsuits that a general insurance policy will not be able to help you with. To ensure you are fully protected, some people may want to have Umbrella Insurance. To see if you would benefit from umbrella insurance, InsureWise would like to share more about this insurance policy.
What Is Umbrella Insurance?
Umbrella insurance is a policy that helps to protect your existing and future personal assets. This can include your wages, inheritance, lottery, and other valuables in the event you lose a lawsuit. If you are being sued over damages or injury of another that you may be responsible for causing, Umbrella insurance will cover the cost of the winning party. Umbrella insurance covers the cost of medical expenses, loss of wages, and the recovery of damaged property. An Umbrella policy provides extra protection against a number of events that your auto or homeowner’s insurance will not cover.
What Does Umbrella Insurance Usually Cover?
Most people assume umbrella insurance doesn’t cover nearly as much as homeowner’s or auto insurance will as it is an optional and additional insurance policy. However, that is not the case. Umbrella insurance provides a large amount of financial coverage. For example, most auto policies cover around $300,000 of medical expense. Umbrella insurance covers one million dollars of medical expenses. Another way Umbrella policy can help is paying out the remainder of the settlement. If your auto insurance will pay for only $300,000 worth of damage or medical expenses, but the settlement nears $500,00 or more; Umbrella insurance will cover the rest. An Umbrella policy on average covers around one to five million dollars. This excessive coverage policy will ensure you are financially protected in the event you are being sued.
Who Benefits from an Umbrella Insurance Policy?
Everybody would benefit from having an Umbrella insurance policy. You never know what another person will be willing to sue you over. However, certain people should definitely consider having an Umbrella insurance policy. For those with pets that might bite or attack, will want to have Umbrella insurance. Those with children with dangerous hobbies can also be protected under Umbrella insurance. If you have people over to your home frequently for a pool party, social gathering and other similar scenarios, you may want to have Umbrella insurance. For those that have regular interactions with other people, you will find that you will benefit from having Umbrella insurance, which is a surprisingly affordable insurance policy.
Umbrella Insurance Policies & More in Las Vegas, Henderson, Reno, North Las Vegas, Summerlin, Paradise, Spring Valley, Sunrise Manor, Enterprise, Sparks, Carson City & State of Nevada
If you find that you or your children would benefit from having an umbrella insurance policy, you will want to seek professional help. For umbrella insurance and other policies, contact InsureWise and begin going over your insurance coverage needs today.