Umbrella insurance provides extra protection above and beyond the limits of your standard insurance policies, like auto, home, or renters insurance.
Listed below are core features of an Umbrella Policy:
Protection Against Large Lawsuits
You have insurance to protect you from liability. However, sometimes damages exceed the amounts stated in your auto or home policy. Without umbrella insurance, that excess amount exposes you to financial risks and/or lawsuits. An umbrella policy provides an additional amount to your existing policies, that could prevent lawsuits.
Higher Coverage Limits
While you can specify high liability limits on your auto or home policies, those limits still may not be enough to cover you in the event of a serious injury or personal liability claim. The umbrella coverage fills gaps in the underlying policy and protects you with higher coverage amounts.
Protection for Things Not Covered by Other Policies
Standard policies may not cover accusations of defaming someone or spreading false information. Umbrella insurance can protect against these types of lawsuits.
Affordable Peace of Mind
Compared to the coverage it provides, an umbrella policy usually has a lower premium to coverage amount. When added as an endorsement to your existing policies, it is a convenient way to boost your overall protection.
Coverage Beyond Auto and Home
If you own additional assets like a boat, RV, or other high-risk vehicles, umbrella insurance can provide additional protection in case of accidents. If you rent out property, umbrella insurance can protect against potential lawsuits from tenants or others injured on your property.
In Summary:
Umbrella insurance provides a broad safety net against large and unexpected financial claims. It is a cost-effective way to ensure you’re covered formajor incidents, for example when you have assets to protect, when you participate in activities with risks of liability, or simply want peace of mind. To begin coverage today, reach out to Legacy Insurance. The Texas Department of Insurance offers some free information here.