Why do you have insurance? If you’re like most people, the answer is to protect your home, your assets and your family. One of the most common types of additional insurance policies is known as umbrella insurance. These policies go above the other policies that you have to give you additional liability coverage. What exactly is umbrella insurance, and do you need it?
Personal Umbrella Insurance 101
A personal umbrella policy helps to guard you against financially devastating liability claims or judgments that could be too big to bear on your own. They kick in whenever the limits of your other insurance policies, like auto insurance or homeowners insurance, are exceeded. For example, if you are in a car accident and responsible for paying a great deal in property damage and bodily injury damages, an umbrella insurance policy could kick in.
Do You Need an Umbrella Policy?
Because umbrella insurance gives you extra protection, almost anyone could benefit from the peace of mind and protection that it offers. What would happen if you were found liable for a serious accident that happened to a guest at your home? For many people, the judgments that are awarded in court are too big of a financial burden for them to bear. Umbrella insurance also offers additional benefits, as it can even extend to other members of your household and family. If your daughter is in a serious car accident and held liable, your umbrella policy could help to offset the damage. Our team is happy to help you determine which policy is right for you and your family.
How Does Umbrella Insurance Work?
Now, let’s take a look at an example. You were found to be at fault for a serious accident that happened in your backyard pool. While you have coverage for accidents up to $50,000, the injuries that were received will cost far more than that in medical bills and the cost of losing months of pay while they recover. You want to do the right thing, but you also don’t have thousands lying around. Here is where your umbrella insurance kicks in. The umbrella policy could provide the additional coverage necessary to make the victim whole and not require you to pay out of pocket.
Work with Freedom Insurance Agency, Inc. for an Umbrella Insurance Policy
We offer comprehensive, customized coverage from numerous major insurance carriers and make it easier than ever to find affordable policies that are exactly what you need. Our team can guide you through the process of finding the perfect umbrella policy for your family and budget. We have been serving clients throughout the greater Howard County and Carroll County areas since 1979, and we look forward to helping you and your family thrive. Get in touch today by calling (410) 795-2000.