Umbrella insurance policies can help protect individuals against claims that are not covered by conventional home or automobile insurance policies. The protection available under such policies typically become available when the liability coverage extended by the standard policy is exhausted. An umbrella policy can provide useful coverage against claims related to everything from property damage and personal injury to slander and libel as well.
For example, in the case of bodily injury liability claims in an automobile accident, an umbrella policy will pay for costs that go above and beyond the limits set in the regular policy. Similarly, an umbrella policy covers damage costs stemming from dog bites and injuries suffered by others while on your property. It also covers claims arising from damage caused to someone else’s property by your pet or your child’s actions.
Umbrella polices also provide useful protection for landlords and those managing rental properties. It can protect them from injury claims by tenants or other occupants in a rented building. Coverage limits for these policies typically start at around $1 million and can go up to $10 million. To be eligible for an umbrella policy, the home or auto owner typically will need to carry minimum required coverage limits on their standard policies.
If you live in McKinney, Texas or surrounding areas and want to learn more about how an umbrella policy can benefit, please contact the insurance experts at Gant Insurance Agency.