Umbrella insurance is a policy that goes above and beyond the other coverage that you have in place. A homeowner’s policy protects should someone be injured on their property. Homeowners are able to manage their risk, even if they have a pool or trampoline, with a policy that gives them liability coverage. Also, if there is a disaster, they are able to make repairs and pay for medical expenses with their insurance coverage. But all policies have a cap on what they will payout. When a policy is maxed out, the homeowner is responsible for the difference. For many, this is simply not a viable situation. An umbrella policy kicks into effect when other policies have been exhausted. At The Insurance Shop USA in the Sandpoint, ID area, the team is ready to discuss how an umbrella policy can protect you financially.
Insurance is an important piece of asset protection. While you may feel adequately covered, consider the following scenario. If someone falls on your property and breaks a bone due to your negligence, you are responsible for their medical care. They will also have the right to sue you for damages. In the end, if their expenses are $300,000 but your homeowner’s policy only covers $200,000, the homeowner is responsible for the remaining balance. With an umbrella policy, however, the extra amount will be taken care of. Umbrella policies also cover incidents of invasion of privacy, slander, and libel. These are not typically covered by other policies.
The team at The Insurance Shop USA works with community members throughout the Sandpoint, ID area. They’re ready to help you understand the finer points of umbrella insurance policies and whether it is right for you. Call or visit today to get your insurance questions answered and the coverage you need.