Wouldn’t it be amazing if you could make a quick phone call and magically have protection for all of the things that you need protecting from? You can, actually, in the form of umbrella insurance. Odds are that you’ve heard of umbrella insurance before, but you aren’t 100% certain on how it works or why you need it. So, let’s take a look at those burning questions and show you the difference it can make to your peace of mind.
What is umbrella insurance?
In essence, this kind of insurance fills the gaps in your existing homeowner’s policy or condo policy. They also exist for auto policy and recreational vehicles. It’s an extra layer of protection that sits on top of the policies that you have in place -- exactly how an umbrella sits overhead and protects you from the elements.
The umbrella policy will kick in if your original policy reaches its maximum payout. Where you would otherwise be on the hook for the remainder of that amount, this extra protection will cover it.
What are some real-life examples where umbrella insurance is worth it?
Let’s dial it in a little more and learn about a few situations where umbrella insurance can come into effect.
There is a slip and fall at your pool party
A guest is enjoying your pool party, then slips on the slippery deck and falls, injuring themselves. Your existing policy would cover a certain amount of legal costs, medical costs, and lost wages, etc., if you are found liable. But what happens if the actual dollar amount that you are responsible for exceeds the maximum your policy covers? The umbrella policy will cover that cost, so you don’t pay out of pocket.
There is a jet ski accident
After a jet ski accident during a fun day out on the water, medical costs add up. The umbrella policy would come into effect to cover the medical costs and any other associated costs, including legal ones.
Your teen driver causes an accident
Car accidents are notorious for expensive car repairs, medical costs, loss-of-income costs, and more. Teen drivers are statistically more likely to cause accidents due to inexperience in bad weather, heavy traffic, and more. The umbrella policy would kick in to cover costs that are not associated with classic policy coverage.
Who should have umbrella insurance?
Realistically, there is no one who can’t benefit from umbrella insurance. It offers peace of mind for a small fee per year, and it really can make a difference to your savings if there is ever a need to use it.
Practically, there are certain groups of people who should consider umbrella insurance as a serious must-have. Those include: people with backyard pools, dog owners, parents of teen drivers, and watercraft owners.
Your agent can help
Umbrella insurance is one of the simplest ways to add an extra layer of protection and peace of mind to your everyday life. Whether you own a home, a condo, or just want to make sure you’re covered when the unexpected happens, it’s worth taking a closer look at your options. The right policy can make all the difference when your standard coverage reaches its limits. To find out what coverage makes sense for you, contact Harbour Insurance Services in League City at (281) 520-4090 or get a free quote today and take the next step toward better protection.