Since its inception in the 1950s, umbrella insurance has sauntered in and out of style. Over the past few years, however, it has become a staple for both businesses and families.
As a type of personal liability coverage, umbrella insurance provides additional protection. It covers lawsuits, property damage, defamation judgments, injuries, and more.
Since it’s comparatively cheaper than other types of insurance, umbrella insurance has become a go-to across the nation.
We’ve answered some of the most frequently asked questions to help you get a better idea of how you can benefit from umbrella insurance.
1. Why Should I Get Umbrella Insurance?
Umbrella insurance provides protection beyond regular insurance policies. Whether a guest sustains an injury in your swimming pool or you’re held responsible for injuries caused in an accident, your umbrella coverage will pay for any medical or legal bills.
If your business is at risk of being sued or your belongings can potentially put you at risk, consider investing in umbrella insurance. Here’s a closer look at some reasons why you should opt for an umbrella insurance policy.
2.What Does Umbrella Insurance Cover?
While most umbrella insurance policies offer similar coverage, there may be variations depending on your insurance agency.
At Gilmartin Insurance Agency, we cover personal injury, property damage, defamation, privacy invasion, legal settlements, libel, bodily harm to others, and more.
We suggest making a list of high-risk activities that can potentially put you, your family, or your business in danger. Depending on these requirements, partner with an agency that offers the best umbrella insurance coverage and terms.
While you should keep an eye out for what your insurance covers, make sure you also ask for a complete list of the exclusions to avoid misunderstanding.
3.How Does Umbrella Insurance Work?
If you’re facing a potential lawsuit, your home and auto insurance policies will run out at a certain point. Once this limit is exceeded, your umbrella insurance will come into play.
It’s important to note that your umbrella coverage will only be utilizable once your basic liability limits have been exceeded. Ultimately, you’ll manage to get all the remaining expenses paid.
4. How Much Umbrella Insurance Do I Need?
Umbrella insurance commonly ranges from $1 million to $10 million. Consult your insurance agency for a better idea of the provisions. Depending on your needs, lifestyle, range of everyday risk, and assets, make an informed decision that helps you get the protection you need.
As one of the leading providers of umbrella insurance in Pennsylvania, we can help you get started! We offer individualized umbrella insurance packages that fit your requirements.
Contact us for a direct quote. We also provide home insurance and auto insurance in Scranton, Pittston, and Lehighton.
