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Hart Insurance Agency

1230 S 336th St,
Federal Way, WA 98003

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Three common misunderstandings regarding umbrella insurance

Umbrella insurance is an important type of insurance to carry to protect yourself financially. Your assets could be at risk if you’re not carrying this type of coverage. At Hart Insurance, we provide umbrella insurance coverage to consumers in Federal Way, WA.

Unfortunately, there are a lot of misunderstandings out there regarding what umbrella coverage is and how it works. The following are three common misunderstandings regarding umbrella insurance that you should be aware of. 

You don’t need umbrella coverage unless you are very wealthy.

You shouldn’t assume that you’re not wealthy enough to be sued. Regardless of how wealthy you are, you could become the target of a lawsuit. Don’t think that you don’t need umbrella coverage just because you don’t have a super high net worth. 

Umbrella coverage isn’t necessary if my auto and home insurance maximum coverages are high. 

The coverage maximums on your auto and home policies most likely can’t go any higher than $500,000. However, liability costs could easily top $500,000 in the event of a severe accident. That’s why umbrella coverage is important to enhance any auto or home insurance policy. It’s also important to note that umbrella coverage can enhance other types of policy like boat insurance policies. 

Umbrella insurance covers my property.

When you buy umbrella coverage, it’s important to understand that umbrella insurance is a form of liability protection. It doesn’t cover the costs of damages to your property. However, it can protect your assets by covering large expenses from lawsuits against you that you might otherwise have to pay for by losing valuable assets. 

It’s important to do your research before you purchase an umbrella insurance policy in Federal Way, WA. At Hart Insurance, we can help. Contact us for answers to any questions you have about umbrella insurance coverage. 

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