Homeowners insurance is important to have and, in some cases, might be required. Insurance covers a lot of what a homeowner might have to worry about but might not be enough if they are sued. Homeowners who want to make sure they have plenty of coverage will want to look into additional Personal Insurance Coverage, such as an umbrella policy.
What Is an Umbrella Policy?
Insurance policies only cover so much. An umbrella policy covers significantly more for the homeowner to protect against insufficient coverage and ensure they have coverage for other incidents that might occur. This type of policy usually includes coverage for anything above the coverage offered by their homeowner’s insurance and against certain types of lawsuits, such as lawsuits for libel and slander.
Why is an Umbrella Policy a Good Idea?
A homeowner’s insurance policy only covers specific potential incidents. It might cover injuries sustained by a guest up to a certain amount. If the guest’s injuries go beyond the amount that’s covered, it could mean the homeowner has to pay the remaining costs on their own. With an umbrella policy, this won’t be a concern, as the policy will cover the amount not covered by the homeowner’s insurance policy.
Such a policy also covers lawsuits the person might face, such as libel or slander. These are typically not included in a standard homeowner’s insurance policy, which means the person will need to hire a lawyer to fight the lawsuit on their own. With an umbrella policy, they will have the help they need to hire a lawyer and to handle the victim’s compensation if they do not win.
How Expensive is an Umbrella Policy?
While homeowner’s insurance can be expensive, an umbrella policy is typically inexpensive to purchase. A homeowner will need to obtain a quote to determine how much their policy will be, as the costs can differ based on the amount of coverage chosen.
If you are worried your homeowner’s insurance policy is not sufficient or you’d just like to make sure you’re prepared for anything, look into an umbrella policy today. You can also look at other types of Personal Insurance Coverage through to ensure you have all of the coverage you need.
