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What Is Umbrella Insurance And Do You Need It?

Umbrella insurance is an extra layer of protection that can help protect your assets from expensive legal claims and judgements. It is designed to help cover liability claims that exceed the limits of your other insurance policies, such as auto or homeowner insurance.

Umbrella insurance can provide financial protection for a variety of situations, including auto accidents, libel and slander, and medical bills. It is important to understand that an umbrella policy won’t cover everything, but it can provide added protection to your existing insurance policies. 

When deciding if umbrella insurance is right for you, it is important to consider the limits of your existing insurance policies. Many auto and homeowner insurance policies have liability limits that are lower than the potential costs of a serious accident. While these policies can provide a certain level of protection, they may not be enough to protect your assets in the event of a catastrophic claim. 

Umbrella insurance works by providing an additional layer of liability protection above and beyond the limits of your auto and homeowner insurance. It can help cover the costs of legal fees, judgements, and settlements that exceed the liability limits of your existing policies. In general, most umbrella policies provide coverage of up to $1 million or more. 

When deciding how much umbrella insurance coverage you need, it is important to consider the potential costs of a liability claim. In addition to the cost of legal fees and settlements, you may also be responsible for medical bills, lost wages and other damages associated with a liability claim. 

While providing coverage for legal costs, a personal umbrella insurance policy can also provide added protection for your family. If you are found liable for a liability claim, it can put your family’s financial future at risk. An umbrella policy can help protect your family’s assets by providing additional liability coverage.

Umbrella insurance is an important part of any comprehensive insurance portfolio. It can help protect your assets and provide additional liability protection in the event of a serious car accident or other type of claim. If you’re looking for ways to protect your family and your assets, consider adding an umbrella policy to your auto and homeowner insurance policies. Call HBS insurance company to discuss how your umbrella insurance covers you and your family.

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