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An umbrella policy provides additional coverage if the liability limits on your home or car insurance policy have been exhausted. The policies are designed to provide financial protection for the wealthy, but anyone can benefit from the security of extra insurance protection.
It’s a form of liability insurance that provides extended coverage if your regular insurance policy limits have been exhausted. This extra layer of coverage can be either an endorsement of a standard insurance policy or a standalone policy. If in Arlington, TX, call Rickey McGill Insurance Agency.
What Does Umbrella Insurance Cover?
Suppose you get a car accident, and the at-fault driver’s liability limits only cover up to $300,000. In that case, your umbrella insurance may cover the remaining expenses up to the policy’s limit. The policy can be added to any existing policy to increase coverage or be purchased as a standalone policy.
Umbrella policies can cover various risks, such as liability from a slip and fall accident, a mistake made by an employee, or a wrongful claim from a policyholder that exceeds the limits of the company’s liability coverage.
The insurance steps in and picks up costs if you run out of liability coverage on other policies. It can help protect your assets and future finances if you are sued and found liable for something in a court of law.
You can purchase umbrella insurance policies through your current insurance provider or look for supplemental coverage. The policy offers additional protection if you are sued and found liable for something that exceeds the limit.
It typically kicks in when your standard policy maxes out, covering expenses that could exceed hundreds of thousands of dollars, if not millions. Umbrella insurance is generally recommended if you have assets that might be at risk. This includes your home, other real estate, savings, investments, car, significant jewelry, antiques, collectibles, expensive artwork, tools, and business property.
Conclusion
This additional liability insurance can help protect you against costs and circumstances that could not have been predicted. Additional policy kicks in once your standard coverage limits have been exhausted. An umbrella policy covers you and your assets in an accident or incident where you are held legally responsible and must pay damages to another person or company. As with any insurance policy, it is essential to research your options and compare rates to find the best coverage at the most affordable price. If you live in Arlington, TX, call Rickey McGill Insurance Agency.
