With February 11th being Umbrella Day, we want to take time to explain that umbrella insurance is not for umbrellas! Umbrella insurance provides extra liability coverage for you or your business. This helps protect you or your business from large claims or lawsuits that exceed the limits of the liability coverage offered by your home, auto, or business insurance policies.
Types of umbrella insurance coverage
There are two types of umbrella insurance coverage. Personal umbrella coverage will take care of claims that are out of reach for your basic homeowners or auto insurance policies. The other type is commercial umbrella insurance. Commercial umbrella coverage will help cover those claims that happen at your business, such as injury or property damage that is too costly for your basic business insurance coverage. Both commercial and personal umbrella insurance will cover bodily injury, injury to reputation, property damages, and court costs.
Who needs umbrella insurance?
There are many types of people who could use the extra coverage of an umbrella policy. If you make decent money or come from a family of money, you should have an umbrella policy. If your family has guests or children over to your property and you have things such as trampolines, pools, playgrounds, treehouses, or blow-up toys or bounce houses, you should have an umbrella insurance policy as well. If you are a landlord and rent out property, you should have an umbrella insurance policy too.
If you think you may need an umbrella insurance policy, take a minute and contact us to start a quote! We are here to help you understand the importance of protecting yourself.