Do you have primary insurance that is going to be adequate to cover all of your needs? If you end up with a significant liability claim against you, what would be the impact on your home, your business, and your family overall? The whole idea of umbrella insurance is that it is an additional layer of coverage on top of your existing insurance policies. If the losses from the underlying policies exceed their limits, the umbrella insurance takes over so that you are not liable for those losses directly. There are quite a few common claims where umbrella insurance can prove very helpful.
The first liability claim coverage is in the space of defense costs. If someone sues you, you will have to pay lawyer fees and any of the processing costs that go along with it. Umbrella coverage can help you as you work to pay for these fees to have a proper defense in a courtroom.
Dog bites are another common liability claim that umbrella insurance can cover. If you take your dog out for a walk, you may end up in a situation where your dog is startled and ends up biting another dog, or someone else. The bodily injury that comes out of this can result in a claim against you. These could be losses that you do not have coverage for on your homeowners’ insurance policy, thus umbrella may take effect.
False arrest is another one where umbrella insurance can be important. It can help you defend yourself, and even pay to help you regain what reputation you lost.
The final common one we see coverage for in the areas of umbrella insurance includes pain and suffering. These are costs outside of just bills and expenses, but psychological stress and impact from a loss.
Umbrella insurance is an extremely powerful thing, providing you with immense value across the board. Working with a provider to analyze the coverage you have in Reading, PA can help you better understand where you are and where you can improve. Work with the Berks County Insurance Group today to start the process of buying umbrella insurance.