It is imperative to protect your assets and your life savings against lawsuits. One lawsuit can render you bankrupt. This is what umbrella insurance protects you and your family against.
How Umbrella Insurance Works
In more technical terms, personal umbrella insurance is an insurance policy created to give holders additional liability coverage above some other insurance policies like homeowners or auto insurance. This insurance policy will protect the policyholders from substantial liability claims or judgments. It works as a backup for primary insurance. So, it comes into play when primary coverage has reached its limits, and there is still more claims to pay.
Using a case of an accident, for instance, if you cause an accident and someone gets injured, being the cause of the accident, you will be responsible for the hospital bill of the injured party. What if there are multiple people in the other party’s vehicle? Or what if it is a fully occupied bus and virtually all of them sustain various degrees of injuries? You will be responsible for their hospital bill.
As the experts at Dune Lakes Insurance can confirm, there is no doubt, your auto insurance policy will not be enough to settle that. After reaching the limit of your auto insurance policy, your umbrella insurance policy will offset the rest. If not for umbrella insurance, the claim can wipe off all your life savings, and you may even need to sell off your personal assets too.
What umbrella insurance in Inlet Beach, FL covers:
Here is the list of what umbrella insurance typically covers
- Property damage
- Personal injury
- Bodily injury
- Landlord
What umbrella insurance does not cover
- Personal belongings
- Intentional or criminal acts
- Intentional or criminal omissions
- Written contract
- Oral contracts
Although this insurance policy is fundamental, people shy away from it because they may never get to use it. Well, every motorist has a functional fire extinguisher in his or her car but how many of them ever get to use it? For more information about umbrella insurance, contact Dune Lakes Insurance in Inlet Beach, FL.
