Protect Vital Things with Umbrella Insurance

 

No one ever predicts the worst, but you'll be glad you have umbrella insurance when it does. This policy acts as a

safety net, providing much-needed financial protection if you are sued or held liable for damages.

While your home and auto insurance policies provide some coverage, they may not be enough to cover the full extent

of your liability. That's where umbrella insurance comes in. It can assist fill in the gaps and provide the extra layer of protection you need.

Here's what you must know about umbrella insurance, including how it works and how much coverage you need.

What is Umbrella Insurance?

Umbrella insurance in Laredo, TX, is a type of liability insurance that provides extra protection over and above the limits of your home and auto insurance policies. It does this in two ways:

• Provides additional liability coverage beyond the scope of your homeowners, auto, and boat insurance plans. This insurance will come into force when your other coverage has run out.

• This policy provides coverage for allegations that may be excluded by other liability policies, such as false arrest, libel, slander, and property insurance on your rental apartments.

You could be considering that your automobile and homeowners insurance would cover these events, which is true. But, on the other hand, Umbrella coverage protects you from going beyond the limits set by your auto and homeowners insurance. Also, umbrella insurance covers some hazards that your other personal insurance policies don't cover, such as false arrest, libel, and slander.

What Does Umbrella Insurance Cover?

Bodily Injury Liability

It covers the expense of harm to another individual's body. Medical expenses and liability claims as a result of:

• Injuries to other people caused by you or members of your family while on your property

• Injuries to other people caused by you or members of your family while off your property

• Damages caused by your pets while on or off your property

Property Damage Liability

The cost of damage or loss to another person's tangible property is covered. It includes:

• Damage to vehicles and other property caused by you or members of your family while on your property

• Damage caused by your pets while on or off your property

• Accidental damage to the school, public, or private property for which you are held responsible

Owners of Rental Units

It minimizes the risk of being held responsible as a landlord. It covers the expense of liability claims resulting from:

• If someone trips over a sidewalk crack on your rental home and files a lawsuit against you

• Your dog bites a neighbor while they're walking on the sidewalk in front of your rental home

An umbrella policy covers you if you are sued for any of the following reasons:

• Slander

• Libel

• False arrest

• Property damage to someone else's property

• Malicious prosecution

Stay Protected with an Umbrella Insurance Policy

Not sure if you should get umbrella insurance? Here are a few examples of what might happen to anybody who doesn't have this coverage:

Don't Be Limited By Your Homeowners Insurance

Even our family pets may file a lawsuit against us. Homeowners' insurance only covers a specific amount for bodily injury and property damage, but an umbrella policy will provide additional protection.

You could be sued for something as simple as your dog biting someone, and if the medical bills exceed your homeowner's insurance limit, you're responsible for paying the difference.

An umbrella policy would cover the additional costs up to the limit of your umbrella policy.

Don't Be Limited By Your Auto Insurance

Let's assume you cause an automobile accident that results in $500,000 worth of injuries to others. Suppose your car

insurance policy's bodily injury limit is $300,000. Your auto policy will pay $300,000, and you will be responsible for the

remaining $200,000. If you don't have the assets to pay that amount, the injured parties could sue you and garnish your

wages.

Umbrella insurance would cover the additional costs up to the limit of your umbrella policy.

Read here to know umbrella policies are good for homeowners.

In Conclusion

An umbrella policy is a smart investment for everyone, but people with assets need protection. For example, if you're

sued for something not covered by your homeowners or auto insurance, you could be held responsible for paying the

entire amount yourself.

An umbrella policy gives you peace of mind knowing that you're protected from lawsuits and damages that exceed the

limitations of your other insurance policies.

Get a quote for umbrella insurance today for TX Insurance Quotes, and sleep soundly knowing you're protected.