As the name suggests, umbrella insurance gives you additional coverage on top of your existing insurance coverages. Unfortunately, umbrella insurance is one of the most misunderstood insurance policies. Luckily, the Homeowners Insurance Group of Scottsdale, AZ, is here to shed more light on umbrella insurance.
Here are four important facts you should know about umbrella insurance.
It’s liability coverage
Umbrella insurance covers you when third parties accuse you of causing bodily injury or property damage to them. That said, umbrella insurance doesn’t cover you or your property. For instance, if you cause a severe accident, umbrella insurance will cover third-party claims exceeding your auto insurance. However, your injuries and damages to your car should be covered by your car insurance and not umbrella insurance.
It covers lawsuits
In America, you can be sued for virtually doing nothing. And because litigations can be expensive, you need umbrella insurance to protect your assets. Umbrella insurance covers legal costs, including attorney fees and settlement claims.
Almost everyone needs umbrella insurance
There is a popular misconception that umbrella insurance is for the super-rich only. This notion can’t be further from the truth. While umbrella insurance protects your assets, that’s not the only consideration to invest in umbrella insurance. Since anyone is at risk of being sued, umbrella insurance is the safety net you run to when lawsuits come knocking on your doors.
Ultimately, you don’t need to reach the million-dollar mark to buy umbrella insurance. As long as you are earning a livelihood, umbrella insurance is a must-have investment.
It doesn’t exist on its own
Umbrella insurance isn’t a stand-alone policy. It rides on existing policies like auto, home, boat, or business insurance. For this reason, you will find that umbrella insurance is pretty affordable.
Buy umbrella insurance today!
Would you like to protect your assets and future earnings in Scottsdale, AZ? Please get in touch with Homeowners Insurance Group to purchase an affordable umbrella insurance plan.
