Steiner Insurance Group

1161 Sonoma Park Dr
Suite 200
Norman, OK 73071

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How To Know If You Need Umbrella Insurance

You have home insurance, auto insurance, health insurance, and life insurance. Do you really need more insurance? The insurance coverage that you have is a strategic plan put in place by you and your provider to protect you, your family, and your assets. As your financial situation becomes more complex, your net worth continues to increase. At this point, it is time to start considering umbrella insurance from Steiner Insurance Group to provide additional coverage on top of your other insurance policies.

Who Needs Umbrella Insurance?

Umbrella insurance is optional and not required by law, but is often purchased by people with considerable assets to protect or at a high risk of being sued. There are several situations where you may consider this type of insurance to protect you in Nashville, NC.

It is important to protect your assets as they grow. The cost of umbrella insurance is minimal when you have significant assets or savings that you need to protect.

If you have things on your property that could lead to the injury of visitors, you may want more coverage. This could be anything from a pool or trampoline to an ATV or an aggressive dog.

When you are responsible for other people, you are at a greater risk of legal action being taken against you. If you are a landlord, serve on the board of a nonprofit, or coach kids, then you are in a vulnerable position. With the right umbrella coverage in place, you will be protected against any major expenses that you may incur due to your profession.

Once you have determined that you fall into the category of someone in Nashville, NC that requires protection from additional insurance coverage, the next step is to determine how much coverage you need. The trusted agents at Steiner Insurance Group are here to help. Give us a call.

Tips for buying umbrella insurance for the first time

Whether you’re new to insurance policies or an expert in the industry, you must have heard about umbrella insurance, which is one of the essential policies for many Nashville, NC, residents. Apart from being more affordable than most policies, umbrella insurance plays a critical role in protecting you and your family financially against liability claims and lawsuits.

At Steiner Insurance Group, we recommend buying the policy to add an extra layer of protection to your home and auto policies. Here are a few tips for purchasing umbrella insurance.

Do Your Homework

Buying an insurance policy requires financial preparation. You also want to assess your needs and learn how the policy helps you protect yourself. You can read more about umbrella insurance and check what it covers. It’s pretty essential to understand that the policy works if you have other primary policies like home and auto, as it is a form of extension on liability.

Ask for Recommendations

Let your family and friends know your intentions and ask for referrals to find the right insurance company. Remember your insurance company is as important as the policy itself. 

Shop Around

Once you have a few names, visit their offices, and compare their quotes. While most companies in Nashville NC have similar coverages, the rates could vary from one insurance company to another. You will likely get a good deal if you’re more patient in your search.

Inquire About Discounts

Your ideal insurance company should offer lucrative discounts. Check which ones work for you and which ones won’t benefit you. There will always be discounts for making early payments, bundling your policies, or increasing your limits.  Ask your insurer which discounts they have to get some value for your money.

Read and Understand Your Policy

Take your time to read and understand your policy. Ask relevant questions to learn more about the policy before signing any document. Let your insurance explain everything in detail. If you’re not satisfied with the explanation, don’t sign anything. Walk out and find a company that can help you understand your policy.

For more information, quotes, or questions about umbrella insurance, contact Steiner Insurance Group today.

Umbrella Insurance for Oklahoma

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.    

Contact Us                                   

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.

 

 

Umbrella Insurance: What Exactly Does It Cover?

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. 

Additional Coverage

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. 

Lawyer Fees

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. 

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