Is An Umbrella Insurance Policy Beneficial To You?

An umbrella policy may seem like its just an extra unnecessary coverage to have, but let’s look at what it is and why it can be beneficial to you to have.

Lets first understand what Umbrella Policy is….

  • It’s additional insurance that provides protection beyond what your other policies cover, it can cover injuries, certain lawsuits, personal liability situations that may arise and property damage.
  • It can also serve extra coverage for you if you ever get sued. Even if in the future you plan on winning the lottery, its going to be very much worth it to you to have this coverage, its good coverage if you have over $100,000 in assets.

 

Now let’s look at what it will NOT cover….

  • It will never cover your own costs. It will help you like mentioned before if you get sued and are found at fault, it can help cover expenses. But it will not if you have criminal activity or exclusions on your policy.

 

When it is good to have Umbrella Insurance Policy……

Its good to have on things that you may find harmless or not going to cause you issues, but here is a list of activities that were listed that you can find yourself in a lawsuit….

  • If you volunteer your time and services
  • If you are one who talks about other businesses or people
  • Landlords or just if you own rental properties
  • If you plan on hosting guest on your property or in your home
  • If you coach youth sports
  • If you like to own or rent boats, cars or other vehicles
  • If you are a parent
  • And a popular one is if you own dogs or dangerous pets.

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