People purchase insurance to protect their families as well as their assets. Basic coverages such as auto or homeowners’ policies can barely provide sufficient protection in certain situations, so additional coverage is often required. Umbrella insurance is a type of coverage designed to add an extra layer of protection, over and above any other type of policy you may have. Many insurance providers, including Selective Insurance Agency in Minnesota, offer umbrella insurance.
There many potentially devastating situations with regards to your finances that an umbrella insurance coverage can protect you from. For instance, if you in an at-fault car accident that results in bodily injury to the occupants of multiple cars, your auto liability insurance will cover it but only up to the chosen limit. What if the hospital bills exceed your auto liability limit? You’ll have to cover the excess from your own pocket.
Umbrella insurance protects you from such situations. In our example, your umbrella insurance policy will cover the cost of the damages beyond your auto liability coverage limits. That way, you will not have to use your own money, which you may not even be able to afford. Umbrella insurance typically covers bodily injury claims, personal injury, property damage suits, and landlord liability.
Umbrella insurance is designed to protect the policyholder from large, potentially overwhelming liability judgments or claims. This type of insurance kicks in when the underlying limit, for auto, commercial, or homeowners’ insurance, has been reached. Keep in mind that umbrella insurance may not protect you from contracts, criminal or intentional actions, and losses related to the operations of your business.
Also, umbrella insurance does not protect your personal property. Find an umbrella insurance policy from Selective Insurance Agency in Minnesota for extra protection. For more information, call us or visit our offices and speak to one of our agents.