Category: Umbrella Insurance

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
• Slander
• Libel
• 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.

It’s Affordable

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. 

Umbrella policies are designed to help protect you and your family from unexpected costs associated with lawsuits, medical bills, property damage, and more. Suppose you’re looking for additional protection and peace of mind. In that case, an umbrella policy from Carr Insurance Group in Maryville, TN could be the right choice.

How An Umbrella Insurance Policy Works

An umbrella insurance policy provides additional coverage beyond typical auto and homeowners insurance. It covers claims exceeding those policies’ limits, such as personal psychological harm and mental anguish, which are not typically covered. This type of insurance benefits those with significant assets they want to protect from costly liability claims.

Does an Umbrella Policy Protect Against a Lawsuit?

An umbrella insurance policy pays out if you’re found at fault for injuries or damage and your other policies are insufficient to cover the costs. It also covers related legal fees and expenses associated with defending yourself in the lawsuit and any potential damages the court may award to the plaintiff. Additionally, umbrella insurance protects you from libel, slander, and defamation of character.

Who is Covered By My Umbrella Policy?

An umbrella policy helps protect the policy owner and members of their household in the event they are found liable for a covered incident. Generally, this includes the policy owner’s spouse, dependents, and other relatives living with them. Minor children who are under guardianship can also be included in the policy.

Contact Us Today

The Carr Insurance Group, serving the greater Maryville, TN community, is an excellent choice for umbrella insurance. We offer comprehensive coverage and are committed to providing excellent customer service to our clients. Contact us today to learn more about our umbrella insurance.

How much umbrella insurance do you need? It’s a question that many people don’t want to ask themselves, but if you think about it, then the answer is probably not as little or as much as you may think. Here are some things to consider when deciding how much umbrella insurance is right for you.

How Does Umbrella Insurance Work? 

Umbrella insurance is also called excess liability coverage because it’s there for you when your other liability coverage limits have been reached. It comes into play when the damages and costs incurred in an accident exceed your policy limits. The umbrella policy will cover you for those excess amounts. For example, suppose you have a $1 million liability policy limit, and an accident occurs where damages exceed $2 million. In that case, your umbrella policy will apply for the additional costs of up to $1 million.

How Much Umbrella Insurance Do I Need?

The amount of umbrella insurance that is ideal for you depends on your current coverage, personal needs, and your ability to pay in the event of an accident. If you have a high net worth, including valuable assets, collectibles, or even business interests, you will want to consider buying a policy with a high limit.

How Do I Get Umbrella Insurance?

Many different companies offer umbrella insurance. The price varies depending on your personal circumstances, the amount of coverage you need, and what company you choose to buy it from.

Umbrella insurance is something that everyone should at least consider. It can provide you with peace of mind, knowing that your assets will be protected if an accident does occur. Looking for more information about umbrella insurance in Maryville, TN, or would like to get a quote, then contact Carr Insurance Group. We can help you find the right policy for your specific needs and budget.

Umbrella insurance offers you liability coverage above the limits offered by other insurance policies such as auto insurance and homeowner’s insurance. Your insurance policy can even cater for specific liability claims such policies may not handle like false imprisonment, slander, and libel. If you own a rental property, the umbrella insurance policy can offer coverage that’s beyond what your renter’s policy can cover.

What Coverage Can You Get By Taking Umbrella Insurance in Maryville, TN

When you take umbrella insurance in Maryville, it can cover the financial liability you incur if your car accident results in bodily injuries that are above the limits of your liability insurance. Here’s a detailed outline of more coverage options you’ll get by taking umbrella insurance from Carr insurance group.

Auto Accident Coverage

If you choose to add umbrella insurance to your auto insurance policy, it can help cover costs if someone sues for damages caused by your car. In addition, if you happen to be involved in an accident, it can help cover your business’s legal defense costs.

Third-Party Bodily Injury

Incorporating umbrella insurance into your general liability insurance will cover any legal expenses that arise if someone sustains injuries on your business property.

Third-Party Property Damage

Adding umbrella insurance to your general liability policy can help cater to legal bills related to damaged third-party property.

Employee Injury

If you choose to add umbrella insurance to your employer liability insurance, it can cover your lawsuit costs if you sustain work-related injuries.

Seek Advice on the Best Coverage Option

If you’re a resident of Maryville, TN, and thinking of getting a car insurance group umbrella coverage but don’t know the proper steps to take, don’t hesitate to get in touch with us. We have a team of experts who’ll guide you on what to expect.

Anyone that is in the Maryville, TN area needs to assess their insurance needs carefully. When you evaluate your insurance needs, it would be a good idea to invest in an umbrella insurance policy. Anyone in this area of the state would benefit from this coverage as it offers great personal liability insurance protection that can be quite helpful.

When Concerned About Unpredictable Events

A common situation when you will want to have an umbrella insurance plan is when you are concerned about unpredictable events. There are some liability risks and claims that are somewhat common and are covered by insurance plans, such as home or auto coverage. However, some situations come with liability risk but are harder to predict. An umbrella insurance plan will offer you broad coverage that can cover these risks.

When Concerned About Big Claims

You should also get an umbrella insurance plan to ensure that you are protected against larger claims. Home and auto coverage plans do offer valuable liability insurance. While the coverage that you will receive is enough to offset the risks associated with most claims, there is always a chance that an accident could result in damages that exceed your policy coverage. An umbrella insurance plan will provide you with coverage once you exceed the coverage in your existing plan.

There are many great reasons for people in the Maryville, TN area to get an umbrella insurance plan. If you believe that an umbrella insurance plan is right for you, calling the Carr Insurance Group could be helpful. A great team of professionals with the Carr Insurance Group will provide you ideal support to choose an umbrella insurance policy that will offer protection and security. Contact our office to get a quote.

Having good personal insurance coverage is very important. For those that are in the Maryville, TN area, one form of insurance to consider getting is umbrella insurance. An umbrella insurance policy is an additional personal liability insurance policy that can provide you with valuable protection and coverage. There are several situations when getting an umbrella insurance policy would be a good investment and idea for you.

When Needing More Coverage

One of the situations, when you should get an umbrella insurance policy, is when you want to have more insurance coverage. Most people in the Maryville, TN area are already going to have some personal insurance coverage for liability through their home and auto insurance policies. While this often will provide enough coverage, if you are ever at fault for a very bad accident, you could find the damages exceed your policy limits. Fortunately, with an umbrella insurance policy, you will receive additional liability protection on top of these policies.

When Needing to Cover More Situations

Another reason to invest in an umbrella insurance policy is when you want to have coverage for additional situations. Home and auto insurance policies can give great coverage for most risks that people take on. However, they are not nearly as inclusive as an umbrella insurance policy. With an umbrella insurance policy, you are going to receive coverage for far more situations that could result in personal liability risk.

As you are shopping for a new umbrella insurance policy, you should contact the team at the Carr Insurance Group. The insurance team at the Carr Insurance Group can provide you with the guidance and support that you need to pick a new policy. This will help to ensure you get into an insurance policy that gives you the liability protection that you need.