If you’re looking for an extra layer of protection for your liability insurance, an umbrella policy might be the right option for you. This kind of policy provides additional coverage that goes beyond the limits of your existing liability insurance policies. It can even extend to areas not covered by your underlying insurance policies. At Granite Insurance, we can help you determine if an umbrella policy is the right choice for your individual needs. Contact us today to learn more.
What Is An Umbrella Policy?
An umbrella policy is the protection of your savings and other assets. If someone sues you for more than what your liability limit is for your car insurance, home insurance, or other policies, umbrella insurance helps pay the difference.
How Does It Work?
One way to illustrate how umbrella insurance works is in the case of a car accident. Let’s say you get into an accident and you are found liable for $330,000 in damage. Your primary insurance will only cover $200,000, meaning the remaining $130,000 will come out of your pocket. However, if you have an umbrella policy, that difference can be paid for you.
What Does An Umbrella Policy Cover?
Umbrella Policies can cover just about anything, depending on your policy. Umbrella policies can help cover you and your family members against:
- Injuring someone else
- Property damage
- Defamation
- Landlord liability
- False imprisonment
- And much more
This policy will also cover your legal fees. Even if someone sues you for the total amount of your policy, your umbrella policy will pay that on top of your remaining legal fees as well.
Why You Might Need It
The amount of umbrella insurance you purchase heavily depends on multiple factors such as income, assets, property value, etc. Common reasons why someone might buy umbrella insurance is if they:
- Have significant savings or other assets
- Own a business
- Own property or investment property
- Own a swimming pool or trampoline
- And much more
Take some time to inventory your assets and earnings to see if an umbrella policy is right for you and how much you will need. If you need help, contact a trusted insurance agency like Granite Insurance to help you out.
If you are looking for extra protection beyond your current policies, an umbrella policy may be an excellent option for you. At Granite Insurance, we are dedicated to helping you find the right coverage for your needs. Contact us today for more information about Umbrella Policies and how we can help.
