Add an Extra Layer of Coverage With an Umbrella Policy
Don’t get left out in the rain after an accident. Protect yourself and your family with umbrella coverage from Smith Insurance. Too often, bad things happen and as a result, people are sued for thousands of dollars in damages. Even if you already have a great homeowners or auto policy, selecting the right umbrella insurance will protect you during the times when your standard coverage isn’t quite enough.
What Exactly is Umbrella Coverage?
An umbrella policy provides liability coverage when your total liability is greater than that of an underlying policy such as your auto or homeowners policy. It creates an extra layer of coverage in the event of a catastrophic loss. So if you find yourself being sued because of an accident you were found to be responsible for, your umbrella coverage would step in where your standard policy leaves off.
What Does Umbrella Insurance Cover?
- Legal Fees: If a lawsuit results from a situation where you were found at-fault, umbrella insurance can help pay for the high court and attorney fees associated with the case.
- Bodily Injury Liability: Medical payments can be sky-high after a serious accident. If you are found to be at-fault for an accident and your standard auto or homeowners insurance policy isn’t high enough to cover the bills, your umbrella coverage would step in and cover the additional payments you’re responsible for.
- Home and Property: Accidents and disasters happen when you least expect it – having sufficient umbrella coverage could protect you financially and cover repairs or replacements if your other policy limits have been exhausted.
For example, let’s say you are involved in a serious auto collision and you were found to be at fault. As a result of the accident, the driver of the other vehicle was left paralyzed. Because you were responsible for the crash, they sue you for $2 million in damages. If your auto insurance policy has a $300,000 liability limit, you would be held personally responsible for the remaining $1.7 million. However, if you had a $2 million dollar umbrella policy, it would cover the remaining $1.7 million dollars, and you would only be left responsible to pay your deductible.
As you can see, adding umbrella coverage to your current insurance policies can save you millions in the long run and should be a part of every personal insurance program. Contrary to what you may have heard in the past, umbrella insurance isn’t just for the rich and famous. Even if you don’t have millions in the bank, you could have your assets seized or wages garnished for years to come. Protect yourself before it’s too late by discussing your options with our agents. Contact us today for an umbrella insurance quote.
About Smith Insurance and Financial
At Smith Insurance, we’re experienced, understanding and dedicated. As a result, our clients are consistently satisfied knowing they are in the best hands. We take the time to get to know our clients and their individual insurance needs. Schedule your one-on-one consultation with us and allow us to tailor an umbrella insurance plan that works for you and your family.
The information and descriptions contained are not intended to be complete descriptions of all terms, exclusions and conditions applicable to every insurance product or service, but are provided “as is” and for general informational purposes. Contact Smith Insurance and Financial, Inc. for specific coverage information with regard to your policy.