If you have a boat, auto, or home insurance policy in Wayne, PA, you may not understand when someone says you need umbrella insurance. However, like many things, your insurance isn’t perfect — it has limitations and exclusions. As such, you may need umbrella insurance from The Sirover Agency LLC to boost your conventional policies.
What is umbrella insurance?
In simple terms, an umbrella insurance policy is an additional layer of liability insurance. It extends beyond the limit of your other standard insurance like home and auto insurance. It intends to pick up where other coverages leave off to protect your assets. It also provides coverage for claims excluded by your other liability policies like libel, slander, and false arrest.
Ultimately, umbrella insurance covers the below when accused by third parties:
- Bodily injury liability
- Property damage liability
- Personal liabilities
- Legal costs
As you can see, umbrella insurance is the perfect coverage to have when facing storms. But does everyone need umbrella insurance? Let’s find out.
Who needs umbrella insurance?
There is a popular myth that umbrella insurance is for the rich and famous only. This notion isn’t entirely accurate. Umbrella insurance suits many people, from the modest, super-rich and anyone in between. Generally, you may need umbrella insurance if:
You have significant assets
Litigations can wipe your hard-earned assets when your typical insurance runs out. However, umbrella insurance can protect your assets even when the limits of your standard coverages are exhausted.
You own a business
Businesses operate in a risky environment. One such significant risk is lawsuits. Legal suits emanating from employees, customers, suppliers, and other parties can be substantial, wiping your business finances.
You participate in risky hobbies
Do you participate in skiing, hunting, or surfing? When you take part in these hobbies, there are chances you can harm other people. Since the arising third-party costs can be significant, you need umbrella insurance for optimal protection.
Umbrella insurance in Wayne, PA
The list above isn’t exhaustive — there are tons of other reasons you need umbrella insurance. To learn more about umbrella insurance, please get in touch with The Sirover Agency LLC for more information.