Personal Umbrella Insurance
Personal Umbrella Insurance Information
All homeowners, auto or other personal insurance policies generally offer you liability insurance. Sometimes purchasing this coverage will even be required. Liability insurance exists to help pay for the losses of others that are your fault and your responsibility to pay for.
However, should a claims scenario arise, there’s no guarantee that standard liability insurance will pay for all of these losses. Rather than put yourself in a financial bind because of this obligation, consider enrolling in personal umbrella insurance.
Charles Brunson Agency has your needs at heart when helping you develop a personal insurance portfolio that includes all of the coverage options you need. Get in touch with us today to learn more.
What Can Personal Umbrella Insurance Do for You?
Liability insurance provides an insured party with protection against claims resulting from injuries and damage to other people or property. For example, auto liability insurance pays for third-party injuries or property damage when an accident is your fault. Likewise, homeowners liability insurance might pay if a guest in your home sustains an injury and then sues you for their medical costs.
However, these policies do have their limits, and there are times when you might face a significant claim that exceeds the terms of your standard liability policy. At this point, personal umbrella coverage can step in. This type of policy will cover liability claims above and beyond the limits of your standard coverage, and therefore provide a much better level of protection for you.
A tailored umbrella policy can pay for a variety of liabilities including:
- Bodily injuries
- Property damage
- Landlord liabilities
- Legal fees
- Personal injuries (e.g., libel or slander)
If a claim on your standard liability insurance policy exceeds that policy’s limits, then you can make a claim against your umbrella policy for the remaining costs. Therefore, you won’t have to pay a significant amount of money out of pocket even though your liability policy has already been expended.
One great perk of these policies is that one umbrella plan can apply to many different personal liability policies you might own, including your home and auto coverage. Therefore, with one umbrella plan in place, you will have extra benefits that can apply to several existing plans.
Additional Protection for Additional Peace of Mind
Even if you have significant personal property and monetary savings, a high liability lawsuit could cause you a big financial loss. Personal umbrella insurance can offer you considerable protection against the ramifications of these losses. The costs of these policies are well below what a qualifying umbrella liability insurance claim might be. It’s always in your best interest to carry this policy as part of your overall personal insurance portfolio.
We proudly offer policies to customers in Winston-Salem, NC and surrounding areas. Contact an agent or request a quote now to learn more about personal umbrella insurance and what Charles Brunson Agency can do for you.