Umbrella Insurance
Do you have a lot of assets that you want to protect?
If so, umbrella insurance may be the policy for you! Lewis Insurance Group understands how important it is for you to protect your assets in the event of a lawsuit or a situation where you are being held liable, which is why we offer a policy to do just that! Put simply, an umbrella insurance policy provides extra coverage in the event that your primary insurance does not cover the full amount. For example, if you are sued for more money than your primary insurance policy covers, your umbrella policy will step in and cover the rest. This can be a huge relief in the event of an unfortunate accident. Learn more about how umbrella insurance can benefit you and contact us to get a free quote today!
How is Umbrella Insurance Different From Other Policies?
Umbrella insurance is different from other policies in a few key ways. For one, it provides coverage above and beyond your regular policy, or for claims that may not be covered by other liability policies. This includes injuries, property damage, personal liability situations, and certain lawsuits. An umbrella insurance policy can be a smart investment for anyone who wants to protect their assets. It provides extra coverage in the event that something happens to your primary insurance, and can give you peace of mind in knowing that you are protected from being held liable for unintentional actions. Nobody wants to have to worry about expensive legal fees that come with a lawsuit or be forced to pay the expensive medical bills of another person, and with umbrella insurance, you won’t have to.
What Kind of Lawsuits can Umbrella Insurance Cover?
Being sued can be a stressful and confusing process, but with an umbrella insurance policy, if you are sued for an amount of money that exceeds your regular policy limit, your umbrella policy will cover the rest. Some of the sueable issues that are covered by this policy are:
Slander:
An injurious spoken statement
Libel:
An injurious written statement
False arrest, detention, or imprisonment
Malicious prosecution
Shock/mental anguish
This can be especially important for property owners who are not only responsible for the safety of their tenants but can often be held liable for their actions. Incidences with tenants can range from something as simple as someone tripping on a crack, to something completely out of your control, like a person being bitten by a tenant's dog. An umbrella insurance policy would provide coverage in the event of these types of situations, helping you to protect both your assets and your reputation.
What is NOT Covered by An Umbrella Insurance Policy?
While an umbrella policy provides a lot of coverage, because it is liability insurance, it only protects you when you are at fault. For example, it does not provide coverage for:
Intentional acts
Criminal acts
Bodily injury to yourself or members of your household
Property damage to your own property
Business-related losses
Liability you assume under a contract
These are just some of the things that are not covered by an umbrella insurance policy. Be sure to talk to your policyholder about what is and is not covered.
Do I Need Umbrella Insurance?
There are many reasons why you might need umbrella insurance. If you have a lot of assets, such as a home, a boat, or an expensive car, umbrella insurance can help protect those assets in the event that you are sued. Additionally, if you are worried about being held liable for something that happens to someone else, such as if they slip and fall on your property, umbrella insurance can provide coverage in those situations as well. Finally, if you live in an area with high rates of crime or natural disasters, having umbrella insurance can give you peace of mind knowing that your assets are protected.
While most people think that they will never need umbrella insurance, it is always better to be safe than sorry. If you are ever faced with a lawsuit, having an umbrella policy in place can help to ease the financial burden and stress that comes along with it. If you have any assets or income that you want to protect, then umbrella insurance is something that you should definitely consider. If you have any questions or are interested in starting an umbrella insurance policy, contact Lewis Insurance Group today!
