Chances are you’ve heard of umbrella insurance, but you might not fully understand what this unique type of coverage entails. Additionally, you may be wondering whether both renters and homeowners can benefit from umbrella insurance.
Umbrella Insurance Basics
The primary purpose of an umbrella insurance policy is to increase the liability limits of your home or auto insurance. This type of coverage bridges the gap between the umbrella policy and the maximum limits of your primary insurance.
Umbrella insurance benefits both homeowners and renters. For example, imagine a situation where a homeowner or renter is involved in a car accident and is found liable for $200,000 in damages. If the underlying auto insurance policy covers $150,000, there is still a $50,000 shortfall. Umbrella insurance would cover the remaining $50,000, making it a practical option for both renters and homeowners.
Umbrella Insurance Is for Everyone
There is a common misconception that umbrella insurance is primarily designed for homeowners. Additionally, some people confuse umbrella insurance with excess liability insurance.
Excess liability insurance is intended to extend the coverage limits of a single insurance policy. In contrast, umbrella insurance provides broader coverage, extending beyond the limits of excess liability insurance. To learn more about this versatile coverage, contact Hastings Insurance Agency LLC in Tomball, TX.
Ultimately, umbrella insurance is a smart choice for both renters and homeowners, especially if they already have a standard auto insurance policy. Homeowners with a home insurance policy should also consider adding umbrella insurance for additional protection.
Coverage for Peace of Mind
Umbrella insurance offers extra coverage for a variety of situations, including car accidents, bodily injury claims where you are at fault, libel or slander lawsuits, and excess legal defense costs. It can also provide protection across multiple policies, such as boat, home, or auto insurance.
Get Your Quote Today
If you are interested in umbrella insurance, contact Hastings Insurance Agency LLC in Tomball, TX at 281-444-3388. Our team will provide personalized coverage information and a customized quote tailored to your needs.