Why You Must Buy An Umbrella Insurance Policy To Protect Your Finances?

An umbrella insurance policy is a coverage which grants financial protection for lawsuits and any kind of judgements passed against policyholder. It is also called “excess liability cover” as it provides guaranteed liability coverage to home, car and even boat owners over and above standard coverage. Such policies cover claims that are usually not covered by normal liability insurance policies.

Many of you may actually wonder whether buying an umbrella insurance policy makes any sense when you already have separate auto and homeowner insurance policies.

What Does Umbrella Insurance Cover?

A typical umbrella insurance policy will cover the following aspects./p>

  • Pay expensive lawyer fees if you are required to defend yourself in a lawsuit.
  • Pay part of settlement amount for a judgement passed against you in a lawsuit.

Umbrella Insurance will help you to protect against the high costs

Benefits of Umbrella Insurance

1. Standard car insurance policies may offer limited coverage and the limits might get exhausted if you happen to meet with an at-fault accident. Umbrella insurance coverage can fill in the gap and pay for damages caused to other person’s car or property during the accident.

2. At times, home insurance coverage limits may not be sufficient to cover up for costs incurred on medical treatments required for bodily injuries caused to some guest(s) falling from your house balcony or after being bitten by your pet dog. In such kind of a situation, an umbrella insurance cover may prove to be useful.

3. If a tenant files an expensive lawsuit against you for some injury sustained at your home while living on rent, umbrella insurance coverage might pay for the damages.

4. Lawsuits can also result when you use slanderous language either verbally or through writing against another person. These may be covered by umbrella policies.

5. There could be another situation in which you may be compelled to file lawsuit against a person who in turn might also sue you for whatsoever reasons. Umbrella insurance policy may cover such prosecution of such wrongful or malicious intentions of such persons.

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How to Save Money on Umbrella Insurance?

    For saving money on umbrella insurance coverage, you may take the below mentioned suggestions into consideration.

  • Choose a High Deductible

    By raising deductible, it is possible to reduce premium drastically

  • Compare Multiple Quotes

    Extensive shopping can save precious dollars on your premium

  • Bundle Insurance Policies

    Save additional dollars by bundling car and home insurance under an umbrella policy.

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