Four Facts You Must Know About Umbrella Insurance

The truth is, nobody is perfect. Your conventional insurance policies aren’t excellent either, hence the need for umbrella insurance. Umbrella insurance is that additional liability coverage that steps in when your other liability policies deplete. If you get sued for damages exceeding your car, home, or your other policy’s liability limit, umbrella insurance steps in and pays what you owe. Unfortunately, umbrella insurance is the most misunderstood policy. That’s why we at Brock and Poole Insurance Agency are here to shed some light on facts you must know about umbrella insurance.

It doesn’t exist on its own

Umbrella insurance isn’t a stand-alone policy. It rides on other existing policies like a boat, home, auto, or business insurance. In that regard, umbrella insurance is pretty affordable.

Umbrella insurance is for everyone.

There is a misconception that umbrella insurance is for the super-wealthy only. While umbrella insurance protects your assets, there are other reasons you should invest in it. For example, everyone is at risk of being sued, and umbrella insurance protects you when these lawsuits come knocking your way.

Umbrella insurance is liability coverage.

Umbrella insurance protects you from liability risks. This means umbrella insurance protects you when accused by third parties. Better yet, umbrella insurance covers you against lawsuits. And because legal costs like attorney fees or settlement claims can be expensive, you need umbrella insurance to take over when the underlying policy runs out.

Since umbrella insurance is liability coverage, don’t expect it to cover you or your assets. For such losses, you must seek compensation from the underlying policy.

Umbrella insurance provides broader coverage.

Umbrella insurance protects you from other claims that could not be in your typical liability policies. For instance, umbrella insurance covers you when accused of defamation, false imprisonment, or slander — these personal liabilities aren’t covered by conventional liability policies.

Umbrella insurance in Tennessee

Umbrella insurance is for everyone looking to protect their savings and assets. Are you looking for umbrella insurance in Collierville, TN, and its environs? Please call Brock and Poole Insurance Agency for an affordable quote.