Having the right level of coverage is key in protecting your hard earned assets. An umbrella policy can help protect you over and above your underlying insurance limits. Whether you are a business owner and own buildings or an individual who owns their home, having this extra layer of coverage can provide added defense costs and liability protection for some lawsuits not covered by your underlying auto, home or business insurance policies.
The overall cost of an umbrella policy can be very competitive for the amount of coverage you are receiving.
Benefits of implementing an Umbrella are outlined below:
- • Affordable: The premium can be minimal depending on your underlying exposures i.e. number of vehicles, number of drivers, how many dwellings you own, pool on the residence
- • Provides higher liability limits: Added liability protection over your home and auto policies
- • Gap in Coverage: Can provide coverage for some lawsuits not covered by your underlying auto or home insurance
- • Can provide higher defense costs which can be very high in a lawsuit
To summarize, an umbrella policy can provide additional coverage you may need so that you do not get stuck paying the remaining balances in a suite. The policies tend to be very inexpensive because again the coverage is triggered once the underlying coverage on your home or auto policies are exhausted.
