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:
What does umbrella insurance cover?
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:
- A guest falls while visiting your home
- You’re at fault in a major traffic accident
- A neighbor is bitten by your dog
It can also cover you if you’re sued for certain things, including but not limited to libel, slander or false imprisonment.
What is not covered by umbrella insurance?
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:
- Damage to your personal property.
- Medical bills from a personal injury, typically your own.
- Any liability assumed under a contract.
Do I need umbrella insurance?
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.
About the Author
Rossy Figueroa
“Real estate” means so much more to me than simply buying or selling property...I believe it’s all about the people behind those transactions. A house would never be a home without them. That is why my first question to you will always be “what are your goals and how can I help you get there?”
Helping someone to plan and achieve their goals is just as important as listening to what they are. I know first-hand from over a decade of experience just how much it can take to make it happen. With honesty, diligence, and resilience, however, no hurdle is unconquerable. I can guide you through the entire process, always making you feel comfortable, informed, and in control. Like I said before, you are always the first priority.
I chose to partner with Berkshire Hathaway HomeServices Real Time Realty because, just like me, they realize that real estate agents are much more than salespeople. Every person and every goal is just as important as the last - and Berkshire Hathaway has all the tools and resources to get the job done.
It’s been an absolute privilege to meet some of you and help you achieve your goals. I can’t wait to meet the rest. Whether you’re looking to buy, sell, or both, I am confident that I am the last agent you’ll need. A better future awaits...give me a call and let’s get started!
