Angie Hooten - Hughes Insurance Agency Blog
If you want additional protection from potential lawsuits, an umbrella insurance policy is what you need to consider. This kind of insurance policy was made to give extended coverage to policyholders and their immediate family to protect them from lawsuits or claims that are beyond what their regular insurance covers. It’s useful especially when you are involved in a lawsuit that exceeds the limits on your insurance policy. What umbrella insurance does is to extend the amount of and cover specific situations that may not be included in your typical insurance policy.
An umbrella insurance policy is useful especially if you have a lot of policies that you feel are not enough to cover your needs. Business owners are usually encouraged to get this type of insurance to make sure that they have a fallback in case something big happens.
What Does It Cover?
Remember that umbrella insurance covers what a usual policy will not. Here are some examples.
Tip: Umbrella insurance also covers false arrest claims, slander and other liabilities.
Do I Need Umbrella Insurance?
You might think you don’t need extra coverage but that’s not all that an umbrella insurance is about. Keep in mind that there is no such thing as being “over insured”. Here are some reasons why getting an umbrella insurance is a good idea.
Coverage for Unique Situations
There are no two claims that are the same and your umbrella insurance is sure to cover you through different kinds of situations. Some extreme examples are burning a house down accidentally or crashing your friend’s boat when on vacation. There are plenty of other unthinkable situations that are covered by this policy.
Protection from Risks
Most accidents happen when you don’t expect them to. Your teenage son could run over the mailman and your dog might injure the neighbor. If you want protection from risks, you need an umbrella insurance.
Since it’s just an extension of your existing policy and covers the worst-case situations, insurance companies usually charge about $300 yearly for a liability coverage of $1,000,000. If you think about it, you’re only putting in at least $20 monthly but your protection dramatically increases.
Angie Hooten-Hughes Insurance has its clients as their first priority with affordable rates and comprehensive policies. To learn more about how we can help you please contact our agency at (901) 373-6060 or Click Here to request a free quote.