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Is Umbrella Insurance Right For You?

colorful umbrellas floating in the sky

Although umbrella insurance isn’t coverage for your favorite parasol, it can come in handy on a rainy day. An umbrella insurance policy is there for you when all else fails—when you’ve exhausted your regular home, auto, and other insurances.

Umbrella insurance can cover various things like injuries, property damage, some lawsuits, and personal liability situations, all events that can be a significant financial drain if you don’t have enough coverage.

It’s easy to think that you’ll never need umbrella coverage until suddenly, you do. A visitor trips in your home, a child sprains an ankle while playing in your yard, or even something as commonplace as a fender-bender—lessen the strain on your wallet with a basic umbrella policy.

Relying solely on your regular home and auto policy can leave you with a hefty bill once your limit is reached. Say you have an auto policy that covers $300,000 worth of damages—and then you get into an accident that causes $500,000 worth of damages. An umbrella policy would help cover that $200,000 gap that otherwise would come out of your pocket at a time when insurance should be the last thing on your mind.

If you’re a landlord, you have double the property liabilities to be concerned about. You can be held legally and monetarily responsible if someone gets injured on your rental property or even if your tenants’ dog bites someone.

Your umbrella policy can also help with liabilities that aren’t so physical: things like slander and libel may sound less threatening than property damage, but both can have actual financial costs. An umbrella policy can also cover malicious prosecution and false arrest, and imprisonment.

Contact an Avery Hall agent today to discuss your umbrella coverage options at 410-742-5111.


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