An umbrella policy is a secondary type of liability that can cover you from property damages and injuries, and also cover your legal costs if you get sued for the same.
How Can Umbrella Liability Insurance Save You?
In the U.S., people can sue you for mental harassment or physical pain. The fines on such cases are often high, and if you do not have umbrella liability insurance, you may go financially bankrupt.
An umbrella policy is not a standalone policy and works as extended liability insurance. The policy gets activated once you reach the limit of your primary liability policy. The primary liability insurance you can apply for are as follows:
- Home Insurance
- Car insurance
Umbrella liability insurance can also serve you against defamation and libel charges.
Do You Need an Umbrella Policy?
- If you own a business, you are at a higher risk since more people will be prone to sue you for small mistakes.
- For any rental property, you must get an umbrella policy.
- If you have a dog or any dangerous pet, it is wise to get an umbrella policy.
- If you own or rent any vehicle, consider getting an umbrella policy.
- Even if you do not have any property, and are just a student, it is wise to get a policy since you may have to pay the fines from your income in later years.
Lawsuits can be dangerous. To save yourself from lawsuits, you can apply for umbrella liability insurance on top of your primary insurance. Whether you require umbrella insurance or primary insurance, contact the experts at Gant Insurance in McKinney, Texas. We will help you with all your insurance needs.