5 Things You Need to Know About Umbrella Insurance

by | Aug 18, 2017 | Insurance

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If you own a car, house, apartment, boat, or anything big or expensive that you don’t want to lose, chances are you have insurance. Those insurance policies, however, only cover so much. If you have assets that you don’t want to lose, you may want to consider extra coverage. If you are thinking about purchasing an umbrella insurance policy in Nassau County, NY, these are the 5 main things you need to know.

1. What Umbrella Insurance Is

Umbrella insurance is essentially extra coverage that goes beyond your current policy. It’s a form of liability insurance that combines with your current policy to cover a higher limit and ensure that your assets are safe. If something were to happen that caused you to pay above the limit of your current insurance, your car, your house, even your retirement accounts could be seized to pay for damages. Umbrella insurance gives you an extra cushion of safety.

2. What Umbrella Insurance Covers

Not only does the insurance provide you more of the same coverage as your current policy, but it also covers more. Umbrella insurance can cover legal fees, false arrest, libel, and even slander. If you were to be sued by someone, your insurance would help you pay up to a certain limit. It may also cover injury, property damage, and any person liability situations you find yourself in.

3. What Umbrella Insurance Includes

Like previously stated, your umbrella insurance will go above and beyond your current policy. Not only do you get more monetary coverage, but your insurance policy will also come with an expert legal team. Your insurance company will pay for a legal defense at their own expense to defend you against a lawsuit and to negotiate a settlement.

4. Why Umbrella Insurance is Important

What this insurance does is help you plan for the future. You never know what could happen, and there are liability risks everywhere. If you were to throw a party and one of your guests were to get into a drunk-driving related accident on the way home, you could find yourself responsible for that, or if you hire a maid or a gardener and they were to get hurt in your home, you may find yourself responsible. It’s important that you have a safety net to protect you.

5. How Much Does Umbrella Insurance Cost

There is a common misconception that umbrella insurance is extremely expensive. You’re looking at getting policies that cover upwards of 1 million dollars, that has to be expensive, right? Wrong. A 1-million-dollar policy may only cost you between $250 and $400. You are getting a lot of coverage for very little.

Umbrella insurance is something that doesn’t often cross people’s minds. You may think that your current policy is enough, but you never know what kind of scenarios you’ll find yourself in. If you’re looking for an umbrella insurance policy in Nassau County, NY, contact Ginsberg Agency to get more information.

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