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Exploring the Coverage of an Umbrella Insurance Policy

Nov 22, 2023

Umbrella Insurance

Exploring the Coverage of an Umbrella Insurance Policy

Unlike standard policies, an Umbrella Insurance Policy offers additional liability coverage beyond your auto, home, or boat insurance. It's like an extra layer of protection, ensuring you're sheltered from unforeseen financial storms that may exceed the limits of your primary policies. Here, we will explore the coverage of an umbrella insurance policy.

What Is Umbrella Insurance?

An umbrella insurance policy protects from significant claims or lawsuits that exceed the coverage amount. This insurance policy gives you additional coverage beyond other insurance policies, such as homeowners, auto, and boat insurance policies.

How Does an Umbrella Insurance Policy Work?

An umbrella policy protects your finances as an umbrella protects you from the rain by covering the costs that your liability coverage does not. Suppose you have fallen into a situation where you or any family member is facing a lawsuit for a sum greater than your existing insurance policy will pay. You might lose all your savings and other assets. It is where an umbrella policy works for your benefit.

Do You Need Umbrella Insurance?

We live in a world where anyone can sue for anything, which puts everyone at financial risk. Owning a car and driving around may also bring different scenarios in which you can be sued. Therefore, an umbrella insurance policy is a good choice because it can increase your liability coverage.

Purchasing Umbrella Insurance

Your auto or homeowner insurance with the same company that provides your umbrella coverage is sometimes required. However, even if your chosen umbrella insurance provider doesn't insist on it, you may still qualify for a bundle discount. From an administrative standpoint, it could be more convenient to have all your insurance with the same provider.

Is Umbrella Insurance a Good Idea?

When protecting your loved ones and possessions, umbrella insurance is one of the most cost-effective options. Hence, buying an umbrella insurance is a good idea.

Look to the team at Tompkins Insurance Agencies

Tompkins Insurance Agencieshas been a trusted advisor to individuals and businesses for the past 100 years. Our team values the customer's opinions and understands their needs. Contact us today for further assistance. You can reach our team 24/7 at 1-888-261-2688.

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