Umbrella insurance refers to liability insurance coverage that is in addition to the liability insurance that you currently have on your home, automobile, or boat. Umbrella insurance is important to have in the event of a catastrophic liability claim or a massive liability judgment against you due to an accident or incident where you are found to be at fault. This type of additional liability insurance becomes activated when the limits on all of your other liability policies have been maxed out. Read on to learn more about the umbrella insurance policy options available to you from Steiner Insurance Group in Norman, OK.
What Umbrella Insurance Does and Does Not Cover?
Umbrella insurance typically covers you and your family from incidents involving personal injury to others, bodily injury to others, damage to the property of others, and landlord liability.
It can also help pay for a judgment against you for slander or libel and false imprisonment.
Umbrella insurance does not typically cover your personal belongings, losses sustained by your business, your acts that are found to be criminal, or any oral or written contracts with others that you may have.
Who Should Get Umbrella Insurance?
Certain risk factors increase your necessity of needing umbrella insurance. These include:
- Being a landlord and renting out your property to others
- Having household staff who work in your home
- Having a swimming pool
- Having a hot tub
- Having a trampoline
- Owning a dog
- Having an insured driver who is a teenager
- Holding large parties
Typical Umbrella Insurance Policy Limits
Umbrella Insurance policy limits are usually between $1,000,000.00 and $5,000,000.00.
Call Steiner Insurance Group today at 405-329-9780 or contact us at www.steinerig.com for a free Umbrella Insurance quote. Steiner Insurance Group serves both Norman, OK, and the surrounding Cleveland County, Oklahoma area.
Having insurance is essential today. It is not a luxury anymore – it is a necessity that provides our beloved ones and us with financial security and peace of mind. Umbrella insurance is a specific type of insurance that provides extra liability coverage in case if your existing insurance cannot cover all the expenses. For those who are unfamiliar with umbrella insurance, Steiner Insurance Group serving Tulsa, OK has prepared the list of things covered by umbrella insurance:
Personal or Property Damage
Umbrella insurance will cover damages caused by you, your family members, or hazards on the property for which you are legally responsible. This includes so-called "attractive nuisances," such as trampolines or swimming pools, for example.
Personal Liability Coverage
This type of insurance will kick in in the situations that occur at your property. For example, if your dog bites your neighbor or a guest, umbrella insurance will cover all the legal expenses and medical bills.
It provides an additional level of protection for your car or motorcycle, which is beyond your basic auto insurance.
Libel and Slander
If you offended someone, this person might sue you for defamation. In this case, umbrella insurance will help you and cover all the expenses related to this issue. For this reason, this type of insurance is especially crucial for those who actively use social media and post something regularly.
Hiring a lawyer is necessary when you have to defend yourself in court. However, lawyers are expensive and not always affordable. The good news is that if you have an umbrella insurance policy, the insurance agency will cover all the lawyer fees.
Umbrella insurance is not mandatory. However, it is one of those types of policies that you should have to protect yourself and your beloved ones. If you are from Tulsa, OK and you are looking for a reliable insurance agency, do not hesitate to contact Steiner Insurance Group. We will be glad to discuss your needs and concern and find the best umbrella policy for you.