How Umbrella Insurance Policies Work on a Rainy Day

Your liability insurance is there to protect you. When it comes to your auto insurance policy, the liability insurance is what pays out for the damages that the other driver faces if you’re responsible for a collision. Your liability on your homeowners and renters insurance does even more: not only does it pay for any injuries that someone may get while on your property, but it can also cover damage caused by your children and even legal fees if you or someone else on the policy is sued for causing bodily harm or property damage to someone else.

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Obviously, your liability insurance is an important safety net, so have you ever wondered what would happen if you exhausted the limits of your policy? If a crazy set of circumstances led to you being sued for far more than your liability insurance and every asset you own is worth?

Umbrella Insurance is There for the Rainy Days

Umbrella insurance is a special type of insurance coverage that protects you from lawsuits and claims that go beyond the limits or scope of your other liability insurance. It protects your assets and your financial outlook by extending the liability coverage on your homeowners, renters, auto or boat insurance when your limits are exhausted. It also provides coverage for claims that may not be covered by other liability insurance.

Umbrella policies cover things like:

♦ Bodily injuries: Your policy covers the cost of damages to another person’s body, including medical bills and any other hardships.

♦ Property damage: The policy also covers damage or loss to another person’s physical property.

♦ Landlord liabilities: If you’re a landlord and someone is injured on your rental property and sues you, your umbrella policy would cover expenses arising from the lawsuit.

♦ Lawsuits under certain conditions: An umbrella policy can also provide coverage if you’re sued for slander, libel, malicious prosecution or mental anguish.

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How Umbrella Policies Work

Say that you’re in an auto accident. Fortunately, your injuries are mild and the damage to your vehicle is well within your auto insurance policy’s limits. Unfortunately, the car you hit was carrying executives from a large company, and their injuries and damages to the vehicle are significant.

It’s determined that you’re responsible for the accident, and the court rules that you have to pay for the executives’ medical bills, their lost wages and any other hardship that they might endure because of the collision. All of a sudden, your $300,000 auto insurance liability limit, which seemed so generous yesterday, is looking pretty paltry.

If you have an umbrella policy, that coverage will pick up where your auto liability insurance drops off. It’ll cover the amount that exceeds your auto insurance up to the umbrella policy’s limit.

Getting Covered with Nevada Insurance Enrollment

Umbrella policies are generally very affordable, making them a great option for Nevadans. To learn more about this coverage or to find out how to add it to your insurance policy, contact a Nevada Insurance Enrollment insurance agent today.

Related Articles:

How to Determine How Much Auto Insurance Coverage You Need

What Happens If I Don’t Have Enough Liability Coverage?

How Do I Choose How Much Auto Insurance Coverage I Need?

Auto Insurance/Property Damage. Do You Have Enough Coverage?

Read More: Auto Insurance in Las Vegas, Nevada

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DISCLAIMER: It is important to note that the information contained herein is made general for the purpose of explanation.  You should consult your policy for exclusions or other language that may alter your policy.

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