Umbrella Insurance
Umbrella insurance is often a confusing topic for many people. That is why your friends here at Texas Independent Insurance can help answer some of the basic questions you have about a policy. We want our Texas family to understand how umbrella insurance can benefit them.
What is Umbrella Insurance?
Umbrella insurance is an additional type of insurance that covers costs that your regular insurance policies might not. It is like an extra layer of protection in the case that you are found liable for something.
Does Umbrella Insurance Replace Regular Insurance Policies?
Umbrella insurance does not replace your traditional policies. It merely complements those policies. For instance, if you are in an auto accident and found liable for $75,000 in damages, yet your auto policy only covers $50,000, the umbrella policy should cover the additional $25,000. The specifics of your coverage depend on your policy, of course, but that is basically how it works.
Do I Need Umbrella Insurance?
Obtaining umbrella insurance is a personal decision, but most often, anyone with more than $1 million in net worth should purchase umbrella insurance. It is not necessary to think that only people with a lot of money should have an umbrella policy, though. Umbrella insurance is intended to protect the assets of those who have a good bit to lose, such as savings, investments, expensive property, and so on.
It is also a wise idea to have umbrella insurance if you own something or participate in a dangerous activity, such as swimming pools or trampolines in your yard, dogs, surfing, skiing, and so on. The riskier your possessions or activities are to other people, the more critical it is for you to have this additional layer of protection.
Stop by or give us a call at Texas Independent Insurance for more information or your free no-obligation quote!