Liability insurance is crucial for homeowners, as it protects them from the financial fallout of a civil suit if someone gets injured on their property. However, personal policies usually have limits, which means you’ll have to cover excess costs. Fortunately, umbrella insurance can cover what your standard policy doesn’t.
What Is Personal Umbrella Insurance?
As the name suggests, an umbrella policy provides wide liability coverage. In addition to paying expenses over the coverage limit, it can cover circumstances that fall outside standard policy guidelines:
- False imprisonment
- Landlord liability
- Defamation
- Damage to another person’s property
- Injury to another person
Property owners should strongly consider adding this type of personal insurance to safeguard their assets, especially if they have significant savings. Individuals should also consider an umbrella policy if they:
- Play high-risk sports or have dangerous hobbies
- Own rental property
- Review businesses and products
- Serve as a member of a nonprofit board
- Coach youth sports
Umbrella insurance is supplemental, which means it works with your current auto, home, and other policies. Essentially, it fills in the gaps between the standard coverage and your unique needs.
How Can You Evaluate Existing Policies?
To find the right policy, you must first identify the gaps in your current coverage. For example, if you have a dog, you may be at risk of a civil suit if your pet attacks someone. Homeowners insurance doesn’t always cover this particular event, so you may need to look elsewhere or pay for expenses out of pocket. International travel is another common concern, as a standard policy usually doesn’t cover incidents outside the country.
Additionally, you’ll need to compare your net worth to your current coverage limits. If the limits cover less than your total worth, the difference is at risk should someone sue you. You should also look at individual policy limits. For instance, your vehicle may be worth more than the coverage limits if you have a luxury automobile. Should you total the vehicle, you won’t get enough from the insurance company to replace it.
What Is the Role of Insurance Agents?
Finding umbrella insurance on your own can be a long and complex process. Talking to an experienced insurance agent at Sine Insurance Group can make the process easier and improve your chances of finding a policy that fits your needs.
Our agents have expertise in their fields, allowing them to make recommendations based on your net worth, liability concerns, and budget. They can also explain industry terms and requirements to ensure you’re fully informed before signing a contract.
Finally, our agents are your point of contact when you file a claim. Anytime you have a question, you can contact our office for the answer. We understand the claims process and the company structure, allowing us to track down answers quickly.
Don’t Leave Yourself Vulnerable
Sometimes, regular liability insurance isn’t enough, leaving you vulnerable to court costs. Umbrella insurance extends to instances your current policies don’t cover, filling in gaps that could otherwise put valuable assets at risk. Safeguard your resources by contacting a Sine Insurance agent to discuss your options.
About Sine Insurance
At Sine Insurance Group, we are dedicated to providing you with custom-tailored insurance policies to protect your assets. Our comprehensive packages have been expertly crafted to serve St. Louis and the surrounding areas for the past 25 years. For more information about our products, contact us today at (855) 700-0889.