Your car or homeowners insurance exists to reduce your financial burden and liability when the worst happens. But even after all the coverage has kicked in, you still may have to cover substantial costs on your end. That’s why it’s best to get an umbrella insurance policy.
What Is An Umbrella Policy?
Umbrella insurance technically adds on another layer of coverage to the existing coverage you already have. Its function is to leave you with little to nothing to pay out-of-pocket. What makes an umbrella policy unique, though, is that it helps protect you in cases of legal action.
What Are The Limits?
Umbrella insurance is for costs you’d have to pay to compensate others if they get injured or if their property gets damaged.
This type of insurance would NOT work in these scenarios:
- Damage was inflicted upon you or your property
- You caused the damage
- You were contractually held liable
Why Should I Get An Umbrella Policy?
No matter who you are, you can end up getting sued for harm you did not directly nor intentionally cause someone else. You don’t even have to be present at the time the other person gets hurt.
The amount and/or type of possessions you have and the activities you participate in can make you more prone to lawsuits than others.
Possessions such as swimming pools and trampolines make umbrella insurance a great idea because of inherent injury risks. If someone gets injured on your property, he or she may try to get financial gain at your expense. Even if the court rules in your favor, you’ll still have legal expenses.
If you have a higher income and own a considerable amount of assets, an umbrella policy is an absolute must. Others may constantly be looking for ways to seize an opportunity to get a large settlement.
Umbrella insurance allows you to enjoy your possessions and activities without fear of losing what you have due to frivolous claims. With this type of insurance, you’ll be able to handle any legal expenses without having to dip into your own account.
We’ve Got You Covered
At The Coleman Agency, we value your personal and financial freedom. We believe that you should be able to keep what’s rightfully yours, and that is why we will find you an umbrella policy that works for you. Call us today at (803) 802-7507 to learn more!