Umbrella Insurance - Blog | Insurance Solutions

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The following are three things that might surprise you about umbrella insurance coverage.

You don’t have to be extremely wealthy to benefit from umbrella insurance.

Umbrella insurance is often associated with the wealthy. However, this coverage is beneficial to anyone who wants to protect their financial assets from life’s unexpected events.

If your net worth is higher than the maximum coverage limits on your home or auto insurance policies, you may need a higher level of liability insurance.

Umbrella insurance coverage doesn’t directly protect your belongings.

Umbrella insurance is a type of insurance that covers liability expenses only. You will never be compensated by your umbrella insurance policy for damage to your personal belongings.

You can’t simply buy umbrella insurance instead of auto insurance and home insurance.

Umbrella insurance policies exist to protect you and your family when you’ve exceeded the limits on your existing auto and/or homeowners policies. This coverage can pay for claims that may be excluded by other liability policies.

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For a free quote or additional information about umbrella insurance call an Insurance Solutions advisor today.

There are so many things in life that are uncertain, including the fact that your dog could bite a neighbor or a guest slips down by your pool or patio. Insurance coverage protects us against many incidents; however, auto and home insurance policies may not provide enough coverage in the event you are held liable for another’s injuries, emotional distress, property destruction, or legal expenses. Umbrella insurance provides coverage for claims that may be excluded by other liability policies.

To find out if you need umbrella insurance, call your trusted advisors at Insurance Solutions.

What is Umbrella Insurance?

Personal umbrella coverage exists to protect you and your family when you’ve exceeded the limits on your existing auto and/or homeowners policy. Consider this scenario: You’re sued and found liable for $1 million in damages for an incident on your property yet your homeowners insurance policy only covers $400,000 of liability. Do you have the remaining $600,000 in your bank account? Most people cannot afford that kind of judgment. An umbrella policy would cover the remaining amount without putting your assets at risk.

Do You Need Umbrella Insurance?

When deciding if you need an umbrella insurance policy or not, you need to look at your assets and financial situation. You can select a limit of liability that best protects your assets, usually up to $5 million. Do you own a boat, a motorcycle, or an RV. Umbrella insurance is not just for wealthy individuals. It’s for anyone who wants to protect the lifestyle they’ve worked so hard to build – including you!

For additional information about umbrella insurance in South Carolina, call Insurance Solutions today. Our advisors can review your particular situation and help you decide on the options available to safeguard your lifestyle.