If you have homeowners insurance, you may wonder why you need an umbrella insurance policy too. Your homeowner’s insurance has set limits on the amount of liability they will cover in the event of a loss. Umbrella insurance is a form of secondary insurance that kicks in after a loss when your homeowner’s insurance liability limit has been maxed out.
What Does Umbrella Insurance Cover?
Supplementing your existing homeowner’s policy with umbrella liability insurance keeps you protected in the event of :
- Lawsuits related to property damage or personal injuries
- Legal defense expenses for litigation related to damage to other people’s property or personal injury
How Will Umbrella Insurance Protect Me?
If you have established assets, such as property in Brentwood, TN, savings, and investments, you could lose them in the event of a lawsuit. Even if you have no significant assets, you can be held liable for damages to a third party in court and ordered to pay from your future income. That means if you are a student earning a degree or are working toward a higher paying career, your anticipated earnings could be targeted.
Do I Need Umbrella Insurance?
With litigation everywhere today and judges awarding larger sums of money, you need to protect your assets and future earnings. In the event someone is injured, your Buffalo Insurance Group, LLC homeowners policy’s liability coverage will pay for expenses such as:
- Medical expenses
- Lost wages
- Legal defense representation
When you add up all the legal fees for the responsible person and medical costs for the injured party, your standard Brentwood, TN homeowners policy may not be enough to cover all of the costs.
What Information Do I Need to Get Umbrella Insurance?
If you have questions about how umbrella insurance can benefit you, give Buffalo Insurance Group, LLC a call today. We will help you determine if your assets are protected and ensure you receive the right type of coverage for your specific needs.