Umbrella insurance is a kind of coverage that one might wish to investigate as a hedge against extra liability. Usually it is there to protect you from potential lawsuits and from big claims. Having this protection can help protect you and your family’s financial future.
Umbrella insurance provides an extra layer of coverage that goes beyond the limits of traditional coverage for your home, car and boat. It can also cover you for any claims against you such as slander, libel, false arrest or from legal action from renters you might have. It is designed to activate when the liability on your existing insurance policies has been exhausted.
Umbrella insurance can be a virtual life-saver for those who own rental units. It protects the landlord from such actions as claims for a slip and fall, a dog attack or should someone become injured while visiting a unit in the rental property. People involved in an auto accident or some other kind of event in which property is damaged can benefit as well. So can an individual who might be held responsible for the injury to another due to an accident or another scenario, such as their dog biting someone.
The kind of insurance is designed to be utilized as an additional amount of coverage once the normal insurance has been used up. Put simply, it is yet another way for an insured person to protect him or herself from costly out-of-pocket responsibility.
Options for coverage generally are available in amounts starting at around one million dollars. However, note that there are even bigger limits available for those desiring extra added protection. The big benefits of this kind of coverage include asset protection, an invaluable sense of peace of mind and a low cost relatively for the coverage.