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Umbrella Insurance

Learning about Umbrella Insurance

Umbrella insurance is an extra liability insurance designed to assist in protecting you from claim and lawsuits hence safeguarding your assets as well as your future. The coverage offers additional liability coverage that exceeds your other kinds of insurance policies. The protection kicks in when the responsibility on these other plans has been exhausted. It also offers coverage for certain claims that have been excluded in other liability policies such as libel, false arrest, slander, or liability coverage on your rental units.

Types of coverages

Below are types of umbrella insurance and how you are protected:

Property damage liability

It covers the costs incurred when damage of loss occurs to another individual’s tangible assets. This includes the cost associated with:

• Damage claims sustained when your pet damages someone’s priceless Oriental rug.

• Damage to autos and property caused by a vehicle accident where you are liable.

• Accidental damages caused by your kids to school property.

Bodily injury liability

This covers the expenses of injuring another person’s body. Costs include liability claims and medical bills that result when:

• Injuries affect other parties because of a serious vehicle accident where you are liable.

• A guest sustains injuries while at your home because they fell.

• A neighbor’s kid sustains injuries because they fell while playing in your yard.

• Harm is caused to others because of your pet.

Rental unit owners

This coverage protects you against liability that you can face as a landlord. Some instances include liability claim costs resulting from:

• Someone who tripped on the sidewalk of your rental units and decided to sue you for damages.

• A tenant’s dog biting someone and you are held responsible for those injuries.

You can also get coverage if you are sued for:

• Malicious prosecution.

• Being arrested falsely, detention and/or imprisonment.

• Libel- harmful written statement.

• Slander- destructive spoken statement.

• Other forms of personal liability situations.