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Umbrella insurance is a policy that can cover the gaps in many other types of insurance policies by answering some of life’s major “what if” questions. While it’s common to have many types of insurance policies, umbrella coverage can provide financial assistance for a variety of outlying situations.
Here is a basic guide to umbrella insurance to help you learn more:
Umbrella insurance provides additional personal liability coverage for situations not included in other policies. The major liability issues umbrella coverage includes are bodily injury, property damage and legal coverage in certain lawsuits.
Umbrella insurance can help you in a variety of situations where another person is injured due to an accident. These might be events your auto insurance or homeowners insurance cannot pay for. Some examples include:
It can also cover you if you’re sued for certain things, including but not limited to libel, slander or false imprisonment.
There are several key differences between umbrella insurance and other types of policies. For example, here are some things similar to those listed above are not covered:
Hopefully, you will never have to worry about these or any other types of insurance claims, but umbrella insurance can mitigate your losses if something should go wrong.
Ultimately, the decision is personal and might depend on numerous factors including your property type and location, how many vehicles you own and what your existing home and auto insurance limits are.
The more you know about your options, the greater peace of mind you’ll have. Discuss with an insurance professional to find out what makes the most sense for your situation.
Darin, is a 26 year, experienced broker associate with 13 years in the RE/MAX system and who is native to the Daytona Beach area. Knowing our real estate market and solving problems in advance are just of a few of the assets he brings to the table while working with buyers and sellers. He and his team are committed to providing the best results and personal service in the industry. They carefully ascertain the client's real estate goals and work hard to create solutions that make sense for them. Whether the client is new to the market or an experienced investor, they have the expertise, proven track record, with resources to help real estate customers achieve their goals. 100% Club in 2016, 2017, 2018, 2019, 2020, 2021 and 2022. Darin also became an esteemed member to RE/MAX Hall of Fame in 2020.
EPRO, ABR (Accredited Buyer's Representative), RENE (Real Estate Negotiation Expert)
CON, BB, SS, AUC, RELO, RA, FP, LUX, SC, FL, LP, HP
