The Importance Of Umbrella Coverage: Insurance Killeen

by Administrator 12. February 2016 13:18

While most of the insurance policies in Killeen provide only a specific kind of coverage, umbrella insurance covers a majority of aspects pertaining to your financial condition. It is an extra liability insurance that protects you from major claims and lawsuits. You can always depend on umbrella insurance to take care of extra costs in case you cross the liability limits on one or the other insurance policies.

However, umbrella insurance does not cover malpractice suits, damage caused by a business, intentional damage to any person or property and workers reimbursement claims against employers. It will protect you if someone sues you for damage. Any personal injury is covered under health insurance and anything above limit needs to be paid by you.

Having umbrella insurance is important because it provides coverage for the following damages:

  • Bodily injury: Umbrella policy will provide coverage if you cause injury to someone in a car accident and the medical expenses exceed the upper limit of your auto insurance. Similarly, if a guest gets hurt in your home, the umbrella policy will pays for the financial losses beyond the limits of your homeowners policy. Certain types of injuries that are not covered in the homeowners policy, such as when your dog bites someone away from the house, are taken care of by the umbrella insurance.
  • Damage to property: If a member of your family causes damage to someone else’s property, the umbrella insurance policy will pay beyond the limits specified in your auto insurance. The policy also provides coverage for clauses not included in the auto and homeowners policies.
  • Protection against legal charges: An umbrella insurance policy will protect you against a court case for defamation or slander. You are also provided coverage against cases of false arrest, infringement of privacy and other similar civil charges.
  • Legal fees: Umbrella insurance is beneficial because it also covers any legal costs which you may have to incur in a lawsuit. You can hire a lawyer to present your case as all the charges will be covered under umbrella insurance.

The actual cost an umbrella insurance policy may depend on the location where you reside and the risk assessment done by the insurance company. Other factors that can be considered by the insurance company are: your job, hobbies, pets, driving record as well as history of previous lawsuits.

Tags: ,