Homeowners, boat, and auto insurance policies all have a limit on liability. In case of an accident where you are at fault, the chances are that you may not have adequate coverage to cover all the costs on the damage and loss. This is where you realize that umbrella/excess liability coverage is not for the wealthy, but an umbrella to cover you all through.
How umbrella insurance works
Umbrella insurance provides additional coverage when a claim is beyond the underlying policy’s insurance limit. For instance, if you collided with another vehicle and caused damage worth 1 million, and your auto insurance provides $500,000 in coverage, your umbrella insurance will cover for the remaining amount.
That is why The Select Insurance Agency recommends that every insurance holder in Coppell, TX have umbrella insurance for maximum coverage. However, you should keep in mind that you have to buy the standard insurance policies for you to be allowed to purchase umbrella insurance. This is because, umbrella acts as extra coverage and can only ‘kick in’ if the standard auto, home, or watercraft insurance is depleted.
Do I really need it?
Most people in Coppell, TX assume that umbrella insurance is for the wealthy or people with substantial assets that need extra coverage, but over the years that has only proved to be a myth. Umbrella insurance is there to add that assurance that you will not go back into your pockets in case of a disaster at home or on the road.
Umbrella insurance provides that extra cover for car accidents which may occur when an employee is using the company vehicle. Trucks can be catastrophic and such accidents may command a high amount of coverage which auto insurance may not offer. Interested in getting additional coverage for you, family and employees contact The Select Insurance Agency today.
