While shopping for your boat, home or auto insurance coverage, you probably came across umbrella insurance coverage. But did you understand what it is and what it covers? If you understand what umbrella insurance is, do you think you need it? Assuming your answer is no, this blog by Patrick McNealis Insurance and Financial Group in Emmaus, PA seeks to address you.
What’s covered by umbrella insurance?
Umbrella insurance is extra liability insurance that covers you when your other insurance policies are exhausted. Here are areas that umbrella insurance covers you:
Property damage
If you caused damage to or lost other people’s tangible properties by any mischance, you may need umbrella insurance — particularly if the costs associated with that property are high.
For example, accidental damages caused by kids to expensive school properties can be covered.
Bodily injury liability
This type of coverage comes to your rescue when you accidentally or your property causes injuries to other people. It takes care of unfortunate cases such as
- When your dog bites your guest
- When you hit, say, ten people with a vehicle and auto insurance coverage isn’t enough
- When people slip and fall on your property
Personal liability
Umbrella insurance protects you against slander, libel, and false prosecution. Typically, these liabilities aren’t covered by other liability coverages.
Who needs umbrella insurance?
According to various insurance experts, you need to consider umbrella insurance if you:
- Are a landlord
- Coach kid’s sport
- Have significant savings
- Host parties frequently
- Your driver is inexperienced
- Having significant savings/ valuable assets
- Are a reputable public figure
- Participate in sports
- You regularly write and post product reviews of other businesses
Even the most cautious individuals with no bad intentions can find themselves facing significant lawsuits. While no one wishes to encounter such scenarios, you should purchase umbrella insurance to protect you against unfortunate incidences.
If you are looking for umbrella insurance in Emmaus, PA and its environs, please contact Patrick McNealis Insurance and Financial Group for an affordable quote.
