Are you covered under the umbrella?

Updated: 02/27/2020

In life, insurance is a big deal. We have house insurance, liability insurance for businesses, life insurance and many others that come under the banner of safety and protection. The chances are that you likely have a list of different insurance policies that you keep hold of, just in case – and yet there can still be issues in the coverage that you have.

Insurance can only take you so far, and almost all insurance types have a gap in them somewhere – this is why umbrella insurance was created.

What Is Umbrella Insurance?

Umbrella insurance is the insurance that you need to cover you completely where your general policies don’t quite fit. The cost is typically minimal and comes into play once the current limits of home and auto have been exhausted. It can ensure that you are covered for unforeseen events when your existing insurance policies liability limits may be exhausted. Insurance policies aren’t perfect, and it’s your personal umbrella insurance policy that will ensure that you remain covered where you wouldn’t be with other insurance alone.

Umbrella insurance policies work right alongside your existing policies, but it’s not the same as excess insurance.

What Does Umbrella Insurance Cover?

Umbrella insurance drops into the gaps of your other insurance policies to ensure that you are completely covered, so in addition to providing additional coverage for liability for homeowners, as well as car owners, it can also include:

  • Claims that concern invasion of privacy
  • Slander
  • Libel
  • Other general misfortunes that you could put you at risk

How Does Umbrella Insurance Work?

If you are ever in the unfortunate position of being found liable and need to pay out compensation, or if you need to pay for a legal defense, your umbrella insurance policy can be activated. It’s only for when your basic liability has run out or if the claim itself isn’t included in that basic liability coverage. If the claim is made against you, your insurance company could pay out your settlement up to the coverage limit. Your settlement amount could exceed the coverage limit, and in this case, it’s up to you to pay the remaining from your own pocket.

Is Umbrella Insurance Important?

Everything you own and all of your bank accounts are considered to be assets. If you are sued for a lot of money, but you don’t have the insurance for things like your car/house/investments and accounts, these are all vulnerable and open. Most people choose umbrella insurance to prevent financial ruin, so it’s a smart decision to make to protect yourself and your assets.

Where Can I Get Umbrella Insurance?

Yeager Insurance and Financial Services can offer you a conversation today about your insurance needs. There are many companies out there that provide umbrella insurance, but with Yeager Insurance, you get the right insurance policy at the right price. If you have a large number of personal assets, umbrella insurance could be the best investment that you make this year.