Umbrella insurance provides coverage where other policies leave off. In many cases, liability claims can go over the limits of your general liability policy. An umbrella policy is often written for a million dollars or more. In the past, this type of policy was normally associated with wealthy individuals. Today, an umbrella policy is much more affordable and can be purchased by individuals and businesses alike.
Umbrella Insurance Is Affordable
Most umbrella policies start at around $1 million in coverage. If you are worth more than that, you will want to increase the amount of coverage you purchase in an umbrella policy. A $2 million umbrella policy will cost between $200 and $400 per year and will provide you with enough coverage to secure your financial future.
Protects You from Legal Action
If an accident happens and someone is injured or their property is damaged, an individual may file a lawsuit to ensure they are fully compensated. With an umbrella policy, you will be able to pay them the compensation they deserve without having to worry about endangering your financial future. Umbrella insurance will allow you to settle out of court and eliminate a trial or other legal proceeding.
Benefits of Umbrella Insurance
Umbrella insurance can protect you if your dog bites someone or if a false arrest occurs based on inaccurate information. This type of insurance will protect you against comments that you make on social media or on the air that are considered to be slander. It will also cover you if you experience an accident in another country.
Know the Exclusions
There are multiple exclusions when it comes to an umbrella policy. Jet skis and all-terrain vehicles (ATVs) are rarely covered by an umbrella policy. Aircraft are also excluded unless you have purchased an additional policy for those items and added it to your other insurance coverage.
Learn About Umbrella Insurance Coverage with Steve Wilk Insurance
When you have questions about umbrella insurance, you need to talk to professionals. Contact the agents at Steve Wilk Insurance agency, they can explain how umbrella insurance works to help you protect your liability with suitable plans.
