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The Ins and Outs of Umbrella Insurance

Seeing in the media all the stories about big payouts from accidents can be frightening. For individuals who are concerned about protecting their hard-earned assets, an umbrella insurance policy is an important option to seriously consider. Your local insurance professional can provide a quote and go the extra mile in not only explaining the coverage, but also helping you get the coverage you need. Essentially, this kind of coverage provides liability insurance that goes above and beyond your current policies.

It is people who own substantial assets, such as property, who will benefit most from this kind of policy coverage. Should one own a nice collection of classic cars, antiques or priceless art, if there is substantial property in one’s portfolio, then one will want to ensure that they don’t risk losing everything in the aftermath of some lawsuit. Liability lawsuits are more common than many think, and all it takes is one to devastate a family who has insufficient coverage. An umbrella policy functions by taking up where the existing policy becomes exhausted.

For example, if a driver is involved in a car accident, found at fault and the other person is injured, the normal automobile policy will compensate for damages up to its limits. It is not uncommon that a claim well exceeds conventional coverage. This is where good umbrella coverage steps in to help. Speak with an insurance professional about how this coverage works, and how it can work in concert with other policies. Normally, personal umbrella policies will provide between one and five million dollars in coverage protection. This kind of a policy benefits in the less obvious way of offering the policyholder great peace of mind in knowing that, in the case of a liability lawsuit, they will have enough coverage for their home and other assets so as to not lose everything.

Also, business owners who wish to ensure that their business assets are all properly safeguarded can buy a commercial umbrella policy. Talk to a local insurance pro to get more info and be sure to talk about all your existing policies and all your assets that may need to be covered. Don’t be left “holding the bag” after a devastating lawsuit, obtain enough coverage for full protection for you and those you love.