There is a good chance that you have heard of umbrella insurance before. But there is also a good chance that you don’t understand exactly what this type of insurance is. Fortunately, we have taken the time to help you gain a better understanding of what this insurance is and whether or not you should invest in it.
What is umbrella insurance?
When you are trying to understand umbrella insurance, you should view it as an extra form of liability insurance. It is designed to help provide protection for you from major claims and lawsuits. In doing this, it provides protection for your assets. How does it do this? There are two main ways, and they are as follows:
- It extends the coverage of your original liability coverage. It can provide additional coverage for a variety of policies, including auto and homeowners policies. When the coverage of these policies has been exhausted, the umbrella coverage will kick in.
- It provides coverage for certain types of claims that may not be covered under certain policies, including those related to a false arrest and libel/slander.
Do you need umbrella insurance?
To help you decide if you need to invest in umbrella insurance, you should first understand that this type of investment is beneficial for everyone. And while many people are under the impression that umbrella insurance is only for the wealthy, it should be recognized that this type of insurance is actually quite affordable. The best way to determine whether or not you need to invest in it is by speaking with a qualified insurance agent who can assess your exact insurance needs.
To learn more about umbrella insurance, please contact Hart Insurance serving the Federal Way, WA area.