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.
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Umbrella insurance serves as a second layer of protection that provides additional liability coverage beyond the limits of your primary insurance policies such as house or auto. This type of insurance generally covers claims that involve bodily injury, property damage, and personal injury such as defamation or invasion of privacy. Umbrella insurance is an important consideration because it can protect you from having to pay out of pocket for damages or legal fees that exceed the coverage limit of your primary insurance policies. It’s especially important for those with significant assets or those who are at a higher risk for liability claims.
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.
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. 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 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.
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:
1.) You have significant savings or assets. In other words a high net worth.
2.) You are at higher risk of a lawsuit. Ex. own a pool, coach youth sports, own rental properties
3.) You are a well known public figure or people are generally aware of your wealth. Ex. politician, doctor, lawyer
Umbrella insurance provides additional liability coverage beyond the limits of your other insurance policies. It is designed to protect your assets in case you’re sued for damages or injuries that exceed the limits of your home, auto, or other insurance policy.
For example, if you have a car accident and are found to be at fault, your auto insurance will cover up to a certain amount of damages. If the damages exceed that amount, your umbrella insurance can kick in to cover the excess.
The main benefit of umbrella insurance is it covers a variety of things that your other primary policies might not cover such as:
It’s important to note that umbrella insurance does not cover everything. Some exclusions include:
The cost of umbrella insurance can vary based on a variety of factors, including personal details such as age, location, and income, as well as coverage limits and the insurance company chosen. Additional factors include the types of vehicles you own, number of houses you own, etc.
Some cases that umbrella insurance comes in handy when other policies wouldn’t provide coverage are: