Umbrella insurance refers to a specific type of liability insurance that’s designed to protect the insured from significant financial losses should they become involved in a lawsuit or liability claim. If you live, work, or play in the greater Maryville, TN vicinity, and would like additional information regarding the benefits and availability of umbrella insurance, contact Carr Insurance Group.
What is Umbrella Insurance?
This type of liability coverage extends beyond the policy limits set forth by existing homeowners’, renters’, automobile, and other primary insurance policies against unexpected events and lawsuits.
Umbrella insurance does not ‘kick in’ until the insured reaches the liability limits of the relevant primary insurance policy. For instance, if you’re in an automobile collision and your insurance fails to cover the damages, an umbrella policy could offer additional coverage.
Umbrella Insurance Basics
Consider the following when reviewing umbrella insurance:
It Offers a Wide Range of Coverage
Umbrella insurance offers protection against a variety of liabilities – offering a safety net for claims that exceed current policy maximums. Liability types covered typically include –
- Personal Injury Claims
- Property Damage
- Bodily Injury
- Specific Legal Defense Costs.
Coverage Amounts Can Be Customized to Match Risk Exposure
Umbrella policies can be tailored as their coverage is typically available in increments of one million dollars.
When one considers the value of the coverage, umbrella insurance is considered affordable. The cost varies depending on location, risk factors, the location, and the insurance company.
Note, check the policy terms for exclusions.
Schedule A Consultation Today!
Choosing umbrella insurance is a financially savvy move. It provides an added tier of financial protection should unforeseen events occur. For additional information on the benefits of umbrella insurance, contact Carr Insurance Group in Maryville, TN.