Umbrella insurance is an extra form of liability insurance with which you can insure your homes, boats, and automobiles. In case you have a liability claim that is not covered by your usual liability policy, an umbrella insurance policy will cover any liability claims within its limits. Some specific scenarios covered by umbrella insurance includes lawsuits, injury, and property damage. According to Western Republic Insurance services, there are five amazing facts about umbrella insurance.
1. You can Lose Everything without It
There are many circumstances which can lead to very expensive lawsuits. Examples of these scenarios are when a branch from your tree falls and hits someone when you get into an accident and injure the other driver, and when a slips and falls dangerously in your yard. In all these scenarios, your typical auto or homeowners insurance will only cover you up to your liability limits meaning that you will have to pay the extra charges. With an umbrella insurance policy, the extra charges will be taken care of thus ensuring that your assets are not seized.
2. Protects you from Liability risks
Your lifestyle can be ordinary and boring, but risks will be all around you. A dog can bite your guest; a kid can drown in your pool, you can accidentally hit a person with a car in your yard, and many other scenarios. After such occurrences, the liability claim can exceed your policy limits thus calling for extra coverage. An umbrella insurance coverage will protect you in these catastrophic scenarios ensuring that you remain stable financially.
3. Umbrella Insurance is cheap
As per Western Republic Insurance services, umbrella insurance charge is approximately $250 per year which will guarantee you a million dollars of excess liability coverage. As such, you will be properly covered at a little-added cost.
4. You may need to juggle your coverage
To purchase an umbrella insurance policy, you will need to bundle up all your policies with one service provider to be eligible for policy discounts which will offset the extra costs of the umbrella policy.
5. Umbrella Insurance will protect you against worst-case Scenarios
Your primary policy will only protect you from typical accidents and damages whereas the umbrella policy will protect you from disastrous events which can lead to serious financial repercussions.
To learn more check on Western Republic Insurance Services.