Umbrella insurance is an additional insurance coverage that exceeds the limits of liability of the current home insurance policy that is in place. There can be several scenarios that may warrant looking into obtaining umbrella insurance. If you are in the process of searching for additional liability protection, you should learn more about the benefits of this type of coverage to help you determine if it is right for you.

Umbrella Coverage

Some instances where umbrella insurance coverage is recommended is, if you babysit in your home, if you host regular meetings at your home, or if you rent out your home to guests. Each person’s situation varies, but if you have visitors to your home regularly, and if there is an element of potential danger or possible liability in the picture, you may want to explore your available umbrella insurance options. Speak with an insurance professional about your situation and they can help you determine your needs. 

Peace of Mind

The umbrella policy will give the policyholder greater peace of mind should a covered event occur. This protection will pay for hospital bills and even pain and suffering. This keeps the homeowner from incurring losses as a result. Your insurance agent can help assess what level of coverage will protect you better now and in the future. If you live near the Collierville, TN area, check out Brock and Poole Insurance Agency. Their knowledgeable agents can work closely with you to give you the options you want and the coverage you need. 

Protecting you and your family from liability is key if you have a situation where there are people present on your property frequently. Call or stop by Brock and Poole Insurance Agency, serving Collierville, TN, to learn more about your needs and options. 

Umbrella Ins Fact vs Fiction

If you’re confused about umbrella insurance, take heart. You’re not alone. Misconceptions about this coverage have kept many people in the dark as to what it really has to offer. By separating fact from fiction concerning umbrella coverage, Brock and Poole Insurance Agency in Collierville, TN can help you decide if umbrella insurance is for you.

Fiction: Umbrella insurance protects pricey personal items.

Many people have the misconception that umbrella insurance protects costly goods such as posh jewelry or original artwork. The truth is it provides extra liability coverage to protect you against lawsuits if you’re found at fault for causing an accident in your home, business or on the road. Umbrella coverage can help protect your assets if you’re sued for damages.

Fiction: Umbrella insurance is extremely costly.

The cost of umbrella coverage is extremely reasonable considering the amount of protection it provides. Coverage limits start at $1,000,000 and can be extended up to $10,000,000, depending on the protection you need. Umbrella coverage is designed to protect you against serious accidents you may cause. Although policy costs vary depending on your risks, on average, a $1,000,000 policy can be added to your home and auto coverage for less than $200 annually.

Fiction: Umbrella coverage is only for the wealthy.

You don’t have to be wealthy to be sued for damages. Lawsuits are more common than ever today and often involve the middle class along with upper-class families. If you have valuable assets such as a home, auto, boat or real estate property, you could benefit from the protection that umbrella insurance has to offer. Even your savings, retirement, inheritance and future wages can be at risk when it comes to a lawsuit.

For more information about umbrella policies and costs, contact Brock and Poole Insurance Agency in Collierville, TN.  

As a renter, you may not own your home, but that won’t prevent a person from suing you if there is an unexpected event or an accident. Insurers offer personal umbrella policies for protecting you against claims of liability. Without personal umbrella insurance, your income is at risk for garnishment should a judge find you liable for any injuries or damages.  

What is Personal Umbrella Insurance?

A personal umbrella policy from Brock and Poole Insurance Agency provides liability protection that extends limitations of your property or auto insurance policies. As an example, what if you get involved in an automobile accident and found guilty for causing the injury of the other driver suing you for expensive medical costs? If your insurance cannot cover the judgment against you, a portion of your wages or business income could get garnished or your personal assets could get seized to compensate. With umbrella insurance, however, the policy could cover any legal or court expenses, besides the judgment, up to its limit. 

Before you can get personal umbrella insurance in Collierville, TN, it is mandatory to have existing renters or auto policy with specific liability limits. A personal umbrella policy can take care of any additional liability expenses, up to its policy limits, when the limits of your property or auto liability policy get exhausted. 

Who Should Get Coverage?

People in Collierville, TN who have personal assets which need protection and also individuals who enjoy risky hobbies, such as hunting or boating should consider buying coverage. However, just about anyone can benefit from purchasing umbrella insurance. Particularly, if you are a renter who would find it a challenge to manage with only a partial income, should your wages get garnished to fulfill a claim against you, a personal umbrella policy could be beneficial. 

If you need more information or have a question, you’d like an agent to answer, contact Brock and Poole Insurance Agency today.