One of the leading reasons why people purchase insurance policies is to protect their families and assets. An umbrella insurance policy is a type of coverage that is specially designed to offer additional liability coverage over and above your standard insurance coverage such as homeowners and auto insurance.
Berks County Insurance umbrella policy is meant to protect you and your assets from large and devastating liability claims. This insurance will only come into play when the liability limit of your standard coverage has been exceeded. It covers bodily and personal injury, landlord liability, and property damage.
When Should You File a Claim?
The simple answer to this question is that you should file a claim for your umbrella insurance whenever the limit of your standard insurance policy is exceeded, and you still need to top up more money to settle the claim.
For instance, if you are involved in a car crash in Reading, PA, and you are at fault, several things will come up. First, you will have to settle the medical bills of the parties involved in the crash and compensate them for losses suffered. So, what happens if your liability coverage isn’t sufficient to meet the cost of all damages or litigation? This is the time you should file a claim for your personal umbrella insurance.
In case, the costs associated with an injury exceeds your standard liability coverage, then another party will file an umbrella insurance claim to collect the additional money. Keep in mind that you will be responsible for the additional amount due if your standard liability coverage is exceeded.
Having an umbrella insurance policy will ensure that you don’t have to pay the additional costs out of your pocket. Accidents are always expensive, and the only way you can protect yourself or your business from significant financial losses is by purchasing an umbrella insurance policy.
Contact Berks County Insurance today for personal or commercial umbrella insurance in Reading, PA.