Understanding Umbrella Insurance

Chances are you’ve thought about umbrella insurance, but is it right for you? After all, your primary insurance coverage, such as homeowners and auto policies, will protect your assets, right? But what if the cost of an accident exceeds the limit of your liability protection? Could you afford to foot the bill if you are sued? That is where umbrella insurance comes in.

What is Umbrella Insurance?

An umbrella policy increases your liability coverage substantially—more types of claims are covered and at a higher limit. Umbrella insurance is meant to help protect you from large and potentially devastating liability claims or judgments.

For example, simply having a swimming pool puts you at greater risk of accidents occurring in your yard. If something were to happen in your swimming pool, would you have the coverage you need? Say you frequently host friends and family at your pool this summer. If one of those people were to get injured or die while using your pool, you could be on the hook for their medical costs. The injured party may have costly medical bills or may end up suing you. This is when having an umbrella insurance policy can come in handy. Never assume that because someone is close to you, they won’t sue you. If you also happen to have a slide or diving board for your pool, you have even more risk.

The primary reason for carrying umbrella insurance is that you never know what you may be responsible for. Accidents happen, and when they do, you may be held legally responsible for any resulting bodily injury or property damage, as well as legal fees, all of which can quickly escalate to hundreds of thousands of dollars. If you don’t have enough coverage to protect you, the costs could be financially devastating.

For about $150-300 per year you can buy a $1 million personal umbrella insurance policy.

For more information on umbrella insurance policies or to get a free quote, just call us at 724-929-2300 today. Our agents will compare prices for you to get you the most competitive price available, saving you time and money fast.

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