How Does an Umbrella Insurance Policy Work?

How Does an Umbrella Insurance Policy Work?

Most people buy a basic insurance policy to protect themselves, their family, and their valuable assets. Having an umbrella insurance policy provides additional security against the risk of getting sued for damages to other people’s property and for damages caused by injuries from an accident and goes beyond a typical automobile or homeowners insurance policy. If you live in San Diego, California, and have questions about your current insurance policy and if you are properly covered, Windfall Insurance Services, Inc. can help. Continue reading to learn more about how umbrella insurance policies work.

Umbrella Insurance: Essential Information

cytonn-photography-vWchRczcQwM-unsplashUmbrella insurance, sometimes referred to as excess liability insurance, is classified as a type of liability insurance that offers supplemental coverage to an existing auto or homeowners insurance policy. It is particularly beneficial in the event that you are deemed liable for a claim that is for a larger amount than your other insurance policies cover; for instance, if you get sued for damages that exceed your homeowners or auto policy, umbrella insurance would help cover what you owe, preventing you to have to pay for the expenses out of pocket. Umbrella insurance can cover other members within the policyholder’s household, however it is essential to understand who exactly your protection covers in order to get the necessary coverage that may be needed. Umbrella insurance can also protect against other liability issues, such as libel, slander, false imprisonment coverage, etc., and if you are the owner of a rental property, it can even protect you for more than the amount that your renter’s policy covers.

Is an Umbrella Policy Necessary For Me?

Most people can benefit from having an umbrella policy because unfortunately, expensive accidents can happen to anyone. It is common for people to get an umbrella policy when the overall value of their assets is more than the limits of the homeowners or automobile liability. Ultimately, you want to have enough liability coverage to protect your assets so that you don’t lose them in the event of a lawsuit. Having an umbrella insurance policy prevents a policyholder from paying for these expenses out of their own pocket for another person’s medical or legal bills if the policyholder is found to be at fault. If you are at risk of being sued, which unfortunately can happen to anyone due to the natural risks that occur in daily life, an umbrella insurance policy offers peace of mind.

Talk To An Agent About Umbrella Insurance

If you are interested in learning more about your umbrella insurance options to help enhance your protection in San Diego, California, Windfall Insurance Services Inc. can work closely with you to find the best coverage to suit your needs. Contact us today for a consultation.

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Windfall Insurance Services Inc
2335 Roll Dr #6

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