You have perhaps heard about umbrella insurance, but do you understand what it is and what it covers? Umbrella insurance is extra liability coverage that supplements the liability coverage in your auto, boat, or home insurance. In other words, umbrella insurance picks from where other insurance coverages leave off.
But do I really need umbrella insurance? Isn’t it for the rich and famous? If you find yourself asking these questions today, you have an answer. All you need to do is to keep reading as Sump Insurance of Clarinda, IA elaborates on who needs umbrella insurance. But first, let’s explore what umbrella insurance covers.
What does umbrella insurance cover?
Umbrella insurance is liability coverage. It covers other people but not you or your property. Ultimately, umbrella insurance protects you when others accuse you for:
- Property damage
- Bodily injury
- Personal liability, including slander and libel
Additionally, umbrella insurance covers your defense costs, including legal processing costs, lawyer fees, and settlement claims.
Who needs umbrella insurance?
There is a popular notion that umbrella insurance is for the wealthy. While umbrella insurance protects those with significant assets, virtually anyone earning a livelihood needs umbrella insurance. Why? Everyone in America is at the risk of being sued. And if you have assets and earnings, they are on the line if you face significant liability claims exceeding your typical liability coverages.
While most people need umbrella insurance, if you are in the below situations, you need umbrella insurance today since the risk of being sued is high. You need umbrella insurance if you:
- Own a dangerous pet that can bite
- Chair a charitable organization
- Own a boat, home, or vehicle
- Coach youth sports
- Participate in high-risk hobbies like hunting or skiing
- Own a business
Buy umbrella insurance today!
Would you like to boost your auto, home, or boat insurance? Buying umbrella insurance saves the day when lawsuits come calling. If you are in Clarinda, IA and its environs, please speak to Sump Insurance for umbrella insurance coverage.