Do you have auto insurance? Are you covered by a health insurance policy? Do you even have coverage for your boat? If the answer is yes to all of these questions, you might feel like you are set. However, that may not always be the case. Even if you have purchased all of the essential policies you may not be completely protected. Gaps in coverage can be financially devastating. You don’t want to find yourself in a situation where your insurance leaves you without enough coverage. That is where the need for a personal umbrella policy comes in. Find out more about how a personal umbrella policy can protect you.
What Is An Personal Umbrella Policy
Signing up for car insurance is as easy as searching for auto insurance in Salt Lake City. Moreover, the majority of homeowners today are required to obtain homeowners insurance coverage. Most people recognize the importance of protecting their assets from unforeseen circumstances. That is why it is surprising that many people are unaware of personal umbrella policies. Learning about this important coverage can ensure that you are protected from major claims.
A Major Liability
Gaps in insurance coverage exist as a major financial liability. A personal umbrella policy covers these gaps. Umbrella coverage is a type of additional liability insurance. While your existing policies also include liability protections, an umbrella policy goes above and beyond. It is designed to start working once your coverage limits on your other policies have been completely exhausted.
It also works by providing additional protections that may not be covered by your other policies. These can include protection from a wide range of claims including, but not limited to, slander, false arrest, wrongful eviction, libel and other personal injuries. The coverage will provide you with the cost of legal defence including lawyer fees and all of the associated court costs. An umbrella policy will also protect you from claims of damage that were caused by members of your household on your property. Your personal protection extends beyond your property.
Purchasing A Policy
In order to purchase a personal umbrella policy you may be required to revisit your current coverage limits. Before your umbrella policy will kick in, your other liability limits will be used first. All additional costs will be covered by your umbrella policy, up to the amount of coverage you purchase. Since your existing policies will be tapped first, many companies require you to have certain limits on these primary policies. If your limits are not high enough, you may not be eligible for the umbrella coverage. Most personal umbrella policies can be purchased in million dollar increments. Coverage starts at $1 million and usually goes up to $5 million. Larger policies may be purchased for the well qualified.
Understanding Your Protection
It is important to make an informed decision when purchasing any type of insurance. Searching for car insurance in Salt Lake City will lead you to a number of qualified agents. Choose a provider that is certified to sell personal umbrella policies.