Who knew there was a National Umbrella Month? As we celebrate one of our most recommended coverages for both our personal and business clients, we are excited to share with you the importance of umbrella insurance.
Umbrella insurance is vital coverage for all. Yet, most lack a solid understanding of the benefits this type of policy can provide. Your current home and auto insurance policies have a limited amount of liability coverage. This creates a gap that could leave you underinsured. If you are faced with a lawsuit (example: due to a car accident or work injury), your liability coverage might not be enough to fully protect you. This lack of coverage could lead to a significant financial burden.
With your current liability coverage, most policies only cover property damage to others and bodily injury. If you go over the liability limits on your policy, you will have to pay out-of-pocket. Furthermore, umbrella insurance allows you to extend that coverage limits and provide additional coverage for not only bodily injury and property damage but additional things that aren’t included in regular liability coverage.
It typically also extends to other members of your household, such as your spouse, children, or other relatives who live in your household and who do not have auto or home property insurance in their name. So, if your teen causes a car accident, your umbrella policy may help protect them too.
Umbrella insurance can provide coverage in the case of:
- Slander/libel lawsuits
- Bodily injury
- Personal injury
- Property damage
- Landlord liability
- Legal fees
Umbrella insurance can be purchased through your Hertvik Insurance agent at a lost cost to you. However, it will provide enough coverage to where you shouldn’t have to worry about liability gap coverage and additional costs in the future.
To learn more about umbrella coverage for business owners, click HERE, or for personal umbrella coverage, click HERE. Contact your Hertvik Insurance Agent today to learn more about purchasing an additional umbrella policy.