Do you ever wonder if the amount of insurance you have is enough? If something devastating happened in your life, would you have the means to safeguard your assets? If this is something that’s been weighing on your mind, it may be a good idea to consider getting some additional coverage. Umbrella insurance, also known as excess liability, might just be the right solution for you. So, what exactly is umbrella insurance? More importantly, is it something that you need?
Umbrella insurance is a type of liability insurance that is meant to supplement your basic policy. In other words, it covers additional liabilities that are not covered already by your home or auto policies. The main goal of umbrella insurance is to protect your assets in the event of an unexpected event, such as a lawsuit judgment against you.
How Does It Work?
An umbrella policy will go into effect once your basic liability policy limits have been reached or if the claim is not covered at all under basic coverage. Umbrella insurance will pay any lawyer’s fees or settlement amounts up to the limit of your coverage. Be aware, however, that any amount beyond your limit will need to be paid for out of pocket. Reach out to Ty Lawrence Insurance for more details on how this works in Austin, TX.
Do I Need Umbrella Insurance?
Many are not sure if they actually need umbrella insurance since they already have auto and homeowners policies. When making a decision on whether or not you should invest in an umbrella insurance policy, consider your life and the lives of the people around you. Do you have loved ones, property or any other precious assets that you want to protect in the event of a devastating financial loss? If so, you should consider an excess liability plan.
For more information or a quote, visit Ty Lawrence Insurance in Austin, TX. A knowledgeable member of the team will be able to help you out with any questions you may have.