Do you live in the Birmingham, MI area? Do you wonder if you have enough liability coverage in a catastrophic event? Let High Favor Insurance explain how umbrella insurance coverage can give you peace of mind.
You no doubt have various insurance policies to protect your home, car, and other assets. But beyond them is a very affordable and important type of insurance. Umbrella insurance is necessary under certain and vital conditions.
Umbrella liability coverage, or personal liability as it is sometimes called, does not stand alone. Supplemental insurance provides liability coverage over and above what is already in place. It is meant to kick in when other limits have been exhausted.
If you have an auto accident or someone slips and falls on your property, you will no doubt be responsible for their injuries. The purpose of an umbrella policy is to cover the liability that exceeds the amount set forth in your car insurance policy or homeowner’s policy.
Depending on the carrier, umbrella policies can be written to offer a broader form of protection that covers damages not typically covered in other policies, such as slander or libel. This coverage can help pay for the resulting costs associated with any legal fees.
If you become the target of a lawsuit involving a large sum of money, but your insurance will not cover the damages that could arise, the expenses will have to be paid out-of-pocket. This could be disastrous for you financially. The umbrella policy could prevent a serious financial hardship that could be difficult to recover from.
Let High Favor Insurance provide you with a no-obligation quote or answers to any questions you may have. Contact our team today. You will be glad you did.