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Umbrella Insurance 101: What Is It?

Do you have enough insurance to protect yourself, your family, or your business? If not, you may want to consider purchasing umbrella insurance. Umbrella insurance is a type of supplemental insurance that provides additional protection if your regular policies are not enough. Consult with Steiner Insurance Group in Nashville, NC  for expert insurance advice. Here we discuss what umbrella insurance is and how it can benefit you.

Some tips on how to choose the right policy for your needs:

What Is Umbrella Insurance?

Umbrella insurance is a type of insurance that provides additional coverage if damages exceed the limits of other policies. For example, if you have homeowners insurance and someone slips and falls on your property, your homeowner’s policy will likely cover the damages up to a certain amount. However, if the damages exceed that amount, umbrella insurance will provide additional coverage.

Umbrella insurance is not mandatory, but it’s a great idea to purchase a policy if you have assets and investments that may be at risk in the event of a lawsuit. For example, if you own a home or have a significant amount of savings, umbrella insurance can help protect those assets if you are sued.

How Can Umbrella Insurance Benefit You?

Imagine this scenario: you’re driving home from work one evening, when you get into a horrific car accident. The other motorist is at fault, but they don’t have enough coverage to pay for the damages. As a result, you’re left with a huge medical bill and a long road to recovery. If you had umbrella insurance, however, you would be protected against this type of financial disaster.

Umbrella insurance is a crucial safety net to have in place in case of an accident or other catastrophic event. It can help you avoid financial ruin and provide peace of mind in knowing that you and your assets are protected.

Tips for Choosing an Umbrella Insurance Policy

Now that we’ve answered the question, "What is umbrella insurance?" let’s look at some tips on choosing the right policy for your needs. When choosing an umbrella insurance policy, it’s essential to consider the following:

  • The amount of coverage you need: How much coverage do you need? This will depend on the value of your assets, as well as your risk exposure.
  • The type of coverage you need: There are two types of umbrella insurance policies: personal and commercial. Personal umbrella insurance policies are designed for individuals, while commercial umbrella insurance policies are designed for businesses.
  • The deductible: Most umbrella insurance policies have a deductible, which is the total amount you’ll need to pay from your own pocket before the coverage kicks in. Be sure to choose a policy with a deductible you can afford in the event of an accident.
  • The premium: This is the amount you’ll pay for the policy. Premiums can vary depending on the insurer, the amount of coverage, and the deductible. Be sure to shop around and compare rates before choosing a policy.

Are You Ready to Purchase an Umbrella Insurance Policy?

Now that you know what umbrella insurance is and how it can help you, it’s time to start shopping for a policy. Steiner Insurance Group in Nashville, NC can help you find the right umbrella insurance policy for your needs. We’re here to answer any questions you have and help you get the coverage you need for both your family and business. Contact us today, and we will help you get started!

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