Personal Umbrella Insurance
Personal Umbrella Insurance Information
Personal Umbrella Insurance in North Carolina
The Cowey Insurance Group is committed to helping you make your future more secure, and we want to ensure that all our clients walk away with the satisfaction of knowing that they have the coverage that will be there to protect them at all times of their life. Our clients throughout coastal North Carolina trust us to make their search for coverage easy, and we want to help you get that peace of mind too.
If you’re concerned about whether you have the right amount of liability insurance for your personal needs, then why not invest in an umbrella liability policy? It’s there to guarantee that even in the most challenging scenarios, you’ll have coverage to protect you from devastating financial losses.
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Common Umbrella Insurance Questions
What is umbrella insurance?
Your home, auto, renters or other personal insurance policy probably contains liability insurance. It’s there to help you repay others when you are legally responsible for causing them harm. For example, if you cause a car wreck, then your liability coverage will repay another involved driver for their injuries and property damage.
However, if you ever run into a scenario where a third party’s claim exceeds the value of your liability policy, you could still be left shouldering substantial financial burdens even after your plan pays. By filing a claim against your umbrella policy, you’ll be able to make up for this difference. The policy is there to be an extra level of protection even after your standard benefits have gone as far as they will go.
Who is covered under an umbrella policy?
A single personal umbrella policy can be used in conjunction with numerous policies at the same time, including:
To use this plan, you would first have to file a claim against your personal liability policy. Once that policy has maxed out its benefits, you can turn to your umbrella policy to cover the difference.
Most policies will offer at least $1 million in additional protection, and many will cover liabilities that aren’t covered at all by your basic policies. By integrating an umbrella plan into your personal insurance portfolio, you’ll open yourself up to a significant amount of additional protection.
Why do you need umbrella insurance?
The benefit of having liability insurance is that you might never know you need it until you do.
Suppose that you have homeowners insurance with a liability limit of $500,000. However, a neighbor falls down your steps, sustains a severe injury and sues you for $2 million worth of medical bills, lost income and other damages. That’s a $1.5 million difference between what you owe this neighbor and what your homeowners liability policy is going to pay.
Rather than paying $1.5 million yourself, you can turn to your umbrella policy to cover the difference. Anyone who wants to be prepared for a worst-case scenario should consider investing in umbrella coverage.
When should you get umbrella insurance?
There’s no time like the present to get an umbrella policy. They are highly affordable, flexible and easily integrated into your personal insurance portfolio. In the end, you’ll be glad that you have this benefit if the need ever arises where you have to use it.