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150 Lower Westfield Road
Holyoke, MA 01040

Newsletter

3Jul. 2014

What Is Umbrella Insurance?

Umbrella insurance is a type of liability insurance that goes above the limits of a person’s automobile, home or other form of insurance. This type of insurance is optional, but it is highly recommended. Contrary to popular belief, umbrella insurance is not just for rich people. It is for everyone.

The vast majority of umbrella insurance claims are car-accident related. When many people get into a car accident, they automatically assume that they have enough liability coverage to pay for the damages. However, if the car accident results in $500,000 worth of liability damages and you only have $300,000 worth of liability coverage, then you could have to pay the remaining $200,000 out-of-pocket if you do not have umbrella insurance.

Even though most umbrella insurance claims are car-accident related, it offers protection
for accidents that occur at your home. For example, someone visits your house and falls down the steps. They attempt to sue you for an amount that is higher than what your home insurance covers. An umbrella insurance policy can cover the remaining damages. If you have a trampoline or pool, then it is even more important for you to have an umbrella insurance policy. Pools and trampolines increase the chances of an accident occurring at your home.

Most people have more to protect than they realize. If you are involved in a car accident or one of your guests suffers an injury while at your house, then you could potentially be sued for an amount that exceeds what is in your bank account. You could also lose your retirement account and emergency fund. That is why umbrella insurance is such a worthwhile investment. Not only will it help prevent you from having to pay major out-of-pocket expenses, but it is also very affordable. There is a policy available to fit every budget.
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