Umbrella insurance policies offer a unique form of coverage. They are put in place above your other existing policies. They do not go into effect until those other policies are capped out. There are several examples of how this type of additional coverage can be very helpful. If someone is injured on the property and the homeowner is deemed negligent, the home policy will cover their medical expenses. It will also cover legal fees if they decide to sue. Another example is a situation where a disaster significant damages or destroys a home. In both cases, the home insurance policy will cover the expenses. However, the policy has maximum caps. When these are reached, the homeowner is responsible for any additional monies. This is beyond the capacity of many homeowners. With an umbrella insurance policy, however, these additional expenses will be taken care of. In Missouri, the agents at Le & Associates can talk with you about the advantages an umbrella policy may have for you.
Umbrella insurance, as well as, other types of insurance are designed to protect assets. Consider the following scenario: Someone falls and is injured on the property and the homeowner is deemed negligent. This means that they are responsible for the injured party’s medical expenses. If they decide to sue, they are also responsible for legal expenses. If the home insurance policy covers $300,000 but their expenses are $500,000, the homeowner is responsible for the balance. An umbrella insurance policy covers these additional expenses when the home policy runs out. A unique feature of umbrella insurance is that it also protects in cases of slander, libel or invasion of privacy.
In Missouri, our team at Le & Associates can help you understand if an umbrella policy is right for you and your family. They can explain the policy features in detail so that you can make an informed decision. Explore our website for general information then call or come by. The right insurance is financial protection that you cannot afford to miss!
