Umbrella insurance is a policy that can cover the gaps in many other types of insurance policies by answering some of life’s major “what if” questions. While it’s common to have many types of insurance policies, umbrella coverage can provide financial assistance for a variety of outlying situations.
Here is a basic guide to umbrella insurance to help you learn more:
Umbrella insurance provides additional personal liability coverage for situations not included in other policies. The major liability issues umbrella coverage includes are bodily injury, property damage and legal coverage in certain lawsuits.
Umbrella insurance can help you in a variety of situations where another person is injured due to an accident. These might be events your auto insurance or homeowners insurance cannot pay for. Some examples include:
It can also cover you if you’re sued for certain things, including but not limited to libel, slander or false imprisonment.
There are several key differences between umbrella insurance and other types of policies. For example, here are some things similar to those listed above are not covered:
Hopefully, you will never have to worry about these or any other types of insurance claims, but umbrella insurance can mitigate your losses if something should go wrong.
Ultimately, the decision is personal and might depend on numerous factors including your property type and location, how many vehicles you own and what your existing home and auto insurance limits are.
The more you know about your options, the greater peace of mind you’ll have. Discuss with an insurance professional to find out what makes the most sense for your situation.
Daniel j Leeder is a REALTOR®. A Legislative Committee member of Citrus County Realtors Association. He has an extensive history of business experience. Has been a franchise owner of Tropical Touch Auto Restoration an independent contractor for Colors on Parade Inc. for 29 years. A business owner, homeowner as well has closed on properties 75 times in 3 states.
Strength of Character and a drive to please in all capacities of business and personal relationships helps him be the best choice for your Real Estate needs. Real Estate can be complicated, you need a professional in your corner to help you through the little details, and contracts, showings, and legal issues that arise with the buying or selling of one of your most expensive assets. You don't trust your Business or Home to just anybody. Consider Listing or Buying with the Captain. He will NOT steer you wrong.