The term “Umbrella” refers to a device that can protect you from the rain. While your clothes may protect you from many things, the rain is not usually one of them. The umbrella takes over when your clothes are not enough. An umbrella insurance policy is very similar, which is why it is referred to with that descriptor. That makes perfect sense but it still does not fully explain what an umbrella insurance policy is and what it exactly covers. Continue reading to learn more and see if an umbrella insurance policy is right for you.
- Umbrella insurance policies take over when your auto or homeowners insurance policies stop. These types of policies have a limit that they will cover and if your assets are valued higher than the insurance policy, then it may be a good idea to get the extra coverage through an umbrella insurance policy. It serves as an extra layer of coverage that your current policies cannot cover.
- An umbrella insurance policy can provide you protection from personal injury. Some of the things it can provide you coverage for include libel, slander, wrongful conviction, or even false arrest. Not all people need this but if you are prominent in your community, you may want to consider it.
- An umbrella insurance policy will cover you worldwide and can cover the legal defense costs for a covered loss.
- This type of policy can even protect your savings, checking, and retirement accounts.
There are many benefits to having an umbrella insurance policy beyond the extra protection for your assets. If you are interested in learning more about umbrella insurance policies, want to take a look at your current policy, or get a quote for a new one, contact us at Schaller & Thomas Family Insurance today.