Home and auto insurance come with liability coverage, which protects you from costs related to third-party medical bills, property damage, and lawsuits. However, if these expenses exceed your coverage limits, you're on the hook to make up the difference. Since a single incident can have a severe impact on your finances, it makes sense to invest in an umbrella insurance policy. This add-on increases liability limits and prevents you from paying high out-of-pocket costs. Here's what you should know about this option. 

Why Should You Invest in Umbrella Insurance?

1. You Have a Swimming Pool

Swimming pools are known as attractive nuisances in the insurance industry. That means they're likely to attract neighborhood kids or other individuals who could be injured if they use the pool without your knowledge. If you have this backyard feature, you're also accountable for any pool-related injuries that occur when guests visit your home. In addition to installing boundary fencing, investing in a safety cover, and using a pool alarm, you should also expand your existing liability coverage for even greater protection.

2. There's a Teen Driver in the Family

Most parents put their teen drivers on their existing auto insurance policies. Due to the lack of experience and general naïveté of young adults, they are at much higher risk of being involved in accidents. If a collision involves multiple vehicles and exorbitant medical bills, the incident is likely to surpass your current liability limit. An umbrella policy protects you from shouldering these costs alone and provides you with peace of mind every time your teenager takes the family car out for a spin.

3. You're Very Opinionated Online

Consumers have the right to leave poor reviews about goods and services online and on social media. However, business owners also have the right to sue consumers if they feel the feedback was inaccurate or false, and their company lost money as a result. 

Individuals can also file a libel suit if you make comments about them online that cause some sort of harm. Even if these cases are unsuccessful, you'll still have to pay for an attorney, as well as the court costs. An umbrella insurance policy covers legal costs in the event another party takes offense to something you say online.

The right agent will help you make smart decisions about your insurance needs. The team at Somers Agency guides their clients using more than a century of experience. They offer residents of Lorain County, OH, a wide range of insurance products, including home, auto, health, flood, and life policies. As an independent agency, they work with multiple carriers to secure quality coverage at affordable prices. They also take pride in offering exemplary customer service every step of the way. Visit the website for more information, and call (440) 324-3447 to get started on an umbrella insurance policy quote.