What Are the Benefits of a Personal Umbrella Insurance Policy?

When it comes to financial security and fiscal stability, you’re likely aware of the important roles played by insurance. The various policies that make up your personal lines insurance portfolio can help you ensure the monetary ramifications of many types of incidents, including accidents, property damage and other liabilities. However, some situations may require secondary coverage, such as that offered by a personal umbrella insurance policy.

What Is Personal Umbrella Coverage?

Your personal umbrella insurance policy can generally be seen as a secondary layer of liability coverage. Should an especially expensive incident occur and you or another insured (e.g., spouses, children and pets) are at fault, you may need additional financial protection. Most insurance policies have strict coverage limits, meaning that once losses exceed a certain amount, you may be left to pay the outstanding costs out of pocket. However, personal umbrella insurance can help curb these expenses by offering additional aid for situations in which you’re liable.

What Does My Policy Cover?

Personal umbrella insurance can offer versatile liability coverage for many types of incidents and may even serve as a backup for multiple other policies. Consider how the right policy may be able to assist with the following:

• Bodily injuries—If other parties, such as guests or passersby, are injured and you’re at fault, their medical costs and losses could quickly exceed the personal liability coverage offered by a homeowners or renters insurance policy and incur significant out-of-pocket expenses.
• Property damage—Consider the possibility of being at fault in a car accident or damaging a neighbor’s property. In such situations, paying for damages might exceed the capabilities of your personal auto or home insurance policies, necessitating additional aid.
• Personal and advertising injuries—Although not included in most personal liability coverage, incidents such as slander, libel, wrongful imprisonment and invasion of privacy, can typically be covered by personal umbrella insurance.

We’re Here to Help

Contact Williams Finance and Insurance in Lancaster, SC, today to learn more about personal umbrella insurance policies or to compare tailored quotes.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.