Did you know that there are limits to the liability policy of your auto and homeowners insurance? Liability is part of the policy for both insurance that covers medical bills, therapy, and lost wages. It also covers legal expenses such as the fee for your attorney.
When you sum it up, standard liability insurance cannot cover all the legal and medical fees that you need to pay to the plaintiff. This is where umbrella insurance should enter the picture. It provides an added layer of protection, which can be useful in dealing with bills.
Here are some common questions you need to answer regarding risk and liability, and if you need umbrella insurance:
Basically, if you want to protect your assets, you need to buy an umbrella insurance policy. One of the main reasons for this is that you want to avoid losing a huge amount of money in case of a lawsuit. You could lose all your assets, savings, and investments if you face a lawsuit.
What Is The Cost Of Umbrella Insurance?
While this policy is not costly, it is an additional cost to your bills. Find out the coverage you need, then review your financial situation to know how much can you afford it.
How Much Coverage Is Included In Standard Umbrella Insurance?
As someone who is insured, you can decide the amount of coverage to buy in your umbrella insurance. The underwriting of the policy varies from one insurance company to the other, the same with the amount of coverage, which can reach up to tens of millions of dollars. It also depends on your budget.
What Are The Limitations On Umbrella Insurance?
There are limitations to umbrella insurance policies, but they depend on the insurers. Some insurance companies require you to ensure all your assets and properties before they offer you umbrella coverage. Other insurers would ask you to buy an umbrella policy as an add-on to your existing insurance.
Umbrella insurance is available for a reason. If you think you need this policy, talk to an insurance agent to know more about it.
At Mauser & Tobin Co., Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (516) 747-0171. Get your free quote today by CLICKING HERE.