Umbrella insurance gives you the extra protection and peace of mind that your regular liability policies might not. The more assets you have the more protection you need. Torian Insurance can help you decide if umbrella insurance is right for you.
Umbrella insurance is a type of insurance coverage that extends the liability insurance from an auto or homeowner’s insurance policy to cover more situations with higher limits. This can be a great option for those who want extra peace of mind, as it can provide coverage for events that may not be fully covered by other policies.
Umbrella insurance serves as a second layer of protection. For example if someone files a claim against you that’s greater than your normal liability coverage, umbrella insurance kicks in after your other policies are exhausted.
This type of personal liability insurance also might cover some claims that your regular policies don’t. For example, some umbrella insurance covers lawsuits for libel or slander.
Anyone looking for extra coverage and peace of mind can get umbrella insurance. However, you do have to have existing home and auto insurance policies before you purchase umbrella insurance. A few key indicators that you should look into umbrella insurance are:
You have significant savings and/ or assets. In other words you have a high net worth.
You are are higher risk of a lawsuit. Ex. own a pool, coach a youth sports team, own rental properties.
You are a well known public figure or people are generally aware of your wealth. Ex. politician, doctor, etc.
The main benefit of umbrella insurance is it covers a variety of things that your other primary policies might not cover. It’s especially important when you are facing a large financial loss as a result of a claim. It’s important to note that umbrella insurance does not cover everything; there are certain exclusions depending on the insurer and policy.
You can rest easy with Torian. As independent Insurance agents, we work for YOU, not the insurance companies! Our expert staff has your best interest at heart which means providing the best coverage.