Umbrella insurance is a type of additional policy that is used after the limits of your primary liability insurance on your home or auto insurance are reached. If the wronged party is awarded more than your standard liability coverage, the umbrella insurance begins to pay out so that you aren’t forced to cover the remainder out of pocket. As you consider this, be aware of some of the benefits of having an umbrella insurance policy.

Why You Should Have Umbrella Insurance

1. Umbrella Policies Provide Additional Injury & Damage Coverage

If there is an accident, and you are held responsible for bodily injuries or property damages, an umbrella policy will cover a higher limit than your home and auto insurance policies. Depending on your risk and assets, you can purchase a $1 million umbrella policy or increase the threshold to a much higher level.

2. Umbrella Insurance Covers Legal Defense Costs

If you get sued, your attorney fees and other legal expenses are going to add up quickly. An umbrella policy can cover legal defense costs. Then, if you lose, the plan can also help cover the associated liability expenses.

3. It Increases Your Limit for Homeowners Liability

If someone gets hurt in your home or on your property, your homeowners insurance will cover costs up to a certain amount. If the losses exceed that number, you'll want to have an umbrella policy to pay out the rest of the claim up to your umbrella insurance limit.

4. Umbrella Coverage Can Pay for Pain and Suffering

Medical expenses and property damage costs aren't the only costs you can be sued for. People often also pursue judgments for "pain and suffering," and the awarded amounts can be very high. These additional costs can be covered with an umbrella policy.

5. It's the Only Insurance That Covers False Arrests

If you are falsely arrested, defamed, evicted, or slandered, your homeowners or auto insurance policies won't cover the cost to defend yourself. These situations are typically where an umbrella policy is the only type of insurance that will help.

6. Umbrella Policies Cover Off-Premises Accidents

Sometimes you need coverage for when you are off of your property. For example, if you are on the street walking your dog, and it bites someone, your umbrella policy would pay for that person's medical expenses or care for the injured animal.

If you are looking for an umbrella policy, contact Jenkins & Bevan Insurance in Lorain County, OH. This full-service insurance agency has been serving clients since 1954. They can help evaluate your situations and offer insurance packages that will cover all of your needs. They provide personalized service and affordable rates, whether you are looking for an umbrella, home, life, or auto insurance policy. Call (440) 984-6771 to get a free quote or visit their website to learn more about all their products and services.