Umbrella Insurance provides the type of coverage that it sounds like it would; it provides an umbrella for you to stand under. Liability issues are everywhere and you never know what could cause someone to present you with a lawsuit. Basically, Umbrella Insurance policies protect you from liability issues that go beyond the liability limits of standard insurance policies, such as your homeowner's insurance, car insurance, etc. This policy literally puts you under its umbrella so that when you exceed the liability coverage limits on an underlying insurance policy, you will still be protected.
Most liability coverage that rests within your current insurance policies only covers bodily injury and property damage to others. Umbrella policies will extend those limits to not only provide additional coverage for bodily injury and property damage, but may also cover things that are not listed under regular liability allowances. Every policy is different, so what is considered a covered liability issue under one insurance policy may not be covered on another. Umbrella Insurance kicks in when these situations present themselves and/or you exceed the amount of liability coverage for the events that are already allowed under your regular insurance policies.
You may not think you need an umbrella policy, but consider this: What happens to you and your family's assets should you be sued for something that occurred at your home and the legal costs of the lawsuit greatly exceed the liability coverage defined by your homeowner's policy? Who will pick up the tab if you are responsible for a multi-car accident and your liability costs exceed the limits on your car insurance by thousands of dollars? Although these kinds of things may be few and far between, you cannot be too careful. Umbrella Insurance is typically purchased at a low cost to you, but will provide enough coverage to provide ease of mind for excess liability costs that could present themselves in the future.
Contact Kinghorn Insurance of Beaufort today for more information on umbrella policies.
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