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Adding Extra Protection With An Umbrella Insurance Policy

You likely already have some sort of basic insurance policy to protect you, your family, and your most valuable assets, however, you may not be aware that there are other types of protection available to you in addition to your standard insurance policies. Having an umbrella insurance policy will extend beyond a basic auto or homeowner insurance policy and helps to protect against the risk of becoming involved in a lawsuit for damages caused by accident injuries or damages to someone else’s property. If you are located in Louisville, Kentucky, and are interested in exploring your insurance policy options, Uquote is here to help. Continue reading to learn more about adding extra coverage with an umbrella insurance policy.

Understanding How An Umbrella Insurance Policy Works

Umbrella insurance is a kind of liability insurance that is intended to add supplemental liability coverage to an existing insurance policy, such as auto or homeowners insurance, and also known as excess liability insurance. Umbrella insurance is particularly useful if you are held liable for a claim that costs more than what your other insurance policies can cover. For instance, if you get sued for damages that exceed your regular car or homeowners insurance policy, an umbrella insurance policy would help to cover the difference of what you still would owe and helps a policyholder avoid out of pocket if the amount of the original policy has been surpassed. Umbrella insurance policies can also help protect you in other ways, including libel, slander, false imprisonment, and if you are a rental property owner, it can protect you beyond the amount that your regular renter’s policy will cover. Umbrella insurance coverage can also extend beyond you and also protect other members within your household if you choose to add them to your policy.

Determining If An Umbrella Insurance Policy Is Right For You

Unfortunately, the risk of being involved in an accident can happen to anyone, so an umbrella insurance policy can be advantageous for most people. It is critical in helping prevent a policyholder from paying out-of-pocket expenses for someone else’s medical or legal bills if they are found to be at fault. Anyone who is at risk of being sued, which could be anyone due to the nature of everyday risks, will be given peace of mind that they are financially covered with an umbrella insurance policy. It is typical for people to obtain an umbrella insurance policy if the overall value of their assets is higher than the limits of their homeowners or auto insurance policy. Basically, you will want to have enough liability insurance to completely cover all of your assets so they cannot be lost during a lawsuit. If you have questions about umbrella insurance in Louisville, Kentucky, contact Uquote today for a consultation.