An umbrella policy is a real financial safety net. As a responsible adult, you probably already have car insurance, homeowner’s insurance, perhaps even boat insurance. All these policies have payout limits for particular types of claims. So, what happens if, for instance, you are involved in a car accident and your liability amount for the accident exceeds the car insurance policy limit? In short, if you have umbrella insurance, it will cover the shortfall. You will be able to protect your assets and avoid a financial setback.
Coverage for uninsured and underinsured driver liability
Busick Insurance Agency LLC in Orleans, IN points out a further benefit of owning an umbrella insurance policy. Protection in the event you have an accident with an uninsured or underinsured driver. If the other driver’s insurance cannot pay out enough to cover the cost of your medical bills and car repairs, you can claim the shortfall from your own umbrella policy. And, if the other driver happens to have an umbrella policy, you can claim all the damages from him regardless of the low liability limits on his insurance policy.
Protection for your immediate family members
An umbrella policy also provides an additional level of protection for your family. If anyone in your immediate family is involved in an unfortunate car accident, they are also covered under your umbrella policy. It means that you can use the policy to protect your loved ones in a situation where they are deemed liable for property damage or injury of someone else.
If you live in Orleans, IN, come to speak to a friendly agent at the Busick Insurance Agency LLC. They will carefully assess your needs and provide a policy that will give you the appropriate amount of coverage.