For most people, probably the first thing that comes to mind when they hear umbrella insurance is weather-related coverage. But the truth is that it has nothing to do with the weather. So, what is it? Is it essential? These are the questions most people have because they are unsure whether they need it as they have other insurance coverages like car and home insurance.
To that end, Northeast Insurance Advisors LLC does have some answers to some frequently asked questions about umbrella insurance. With this, you make an informed decision in determining whether umbrella insurance is the right choice for you.
What is umbrella insurance?
Umbrella insurance comes in when your other insurance coverages become depleted. For example, umbrella insurance steps in when you are found liable in an auto accident, and the damage goes beyond your auto insurance limit.
What does an umbrella insurance policy cover?
Umbrella insurance policy covers you, your family, and your household members. You can rest assured that the umbrella policy got you more, especially if you have teens.
Umbrella insurance can help you when you are accused of the below by third parties:
- Bodily injury
- Property damage
- Malicious prosecution
- Slander or libel
Besides, umbrella insurance pays for legal charges, including attorney fees and settlement claims.
Who needs umbrella insurance?
Everyone earning a livelihood needs umbrella insurance. Unfortunately, we live in an era where you can get sued for nearly anything, which may leave your finances at stake.
However, there are categories of people who need it more than others. These include people who:
- Own pets
- Host large parties
- Employ household staff
- Drive luxury cars
- Own homes and rent out
- Are public figures
- Own pools, trampoline, boat, hot tub, or jet ski
- Chair a charitable organization
- Participate in high-risk activities
Is umbrella coverage mandatory?
The answer is no. umbrella insurance adds to your liability coverages to provide peace of mind and boost your coverage.
Umbrella insurance in Easton, PA
The main aim of the umbrella is to protect your vital assets. If you live in Easton, PA, and its surrounding, contact Northeast Insurance Advisors LLC to get your umbrella insurance coverage. We will also be happy to answer any other questions you may have.