Umbrella Insurance – Comprehensive Protection Come What May
When evaluating which type of insurance policy is best for you, your family, or your business, it may be beneficial to consider a comprehensive level of coverage called Umbrella Insurance. Consider Umbrella Insurance an enhanced protection policy which provides extra security for your assets and reduced expenses were a major claim to befall you.
Umbrella Insurance Specifics
Many insurance customers wonder what Umbrella Insurance is and what it covers. On its most basic level, Umbrella Insurance provides an additional level of coverage to protect your property and assets from major claims. Also, Umbrella Insurance extends coverage for home and auto insurance claims when the liability coverage stated in those insurance policies have been exceeded. Finally, Umbrella Insurance may provide coverage for claims excluded in other insurance policies that you may have.
Who Needs Umbrella Insurance Coverage
Personal Umbrella Insurance is often recommended for high-income individuals and should be purchased at a minimum equal to their net worth. Examples of uses for personal Umbrella Insurance coverage include major claims if you were to cause an automobile accident, providing coverage for damage to your home during a storm once the existing homeowner policy maximum liability had been met, or protecting your assets in case of a law suit.
Commercial Umbrella Insurance is an important consideration for business owners of small and large enterprises alike. Commercial Umbrella Insurance can provide extended coverage for physical damage to a business location, cover the costs of a lawsuit from a customer, or even provide a budget for a public relations firm in the case of a crisis communication situation.
Finding Out if Umbrella Insurance is Right For You
Just like purchasing an umbrella as protection for a rainy day, consider the purchase of Umbrella Insurance as a decision that should be made before fate befalls you with unfortunate circumstances.