Wednesday, December 14, 2016

Why Should I Consider a Personal Umbrella Policy?

People purchase homeowners insurance and auto insurance to protect themselves and their family. What happens when those policies reach their limits though? Who pays for the damages above those limits of your standard homeowners and auto insurance policies? You do. That's why it's important to have an umbrella policy to protect you from situations that aren't fully covered by your standard insurance policies. Keep reading to learn more about personal umbrella insurance from your favorite independent insurance agent in Osage Beach.

Personal Umbrella Insurance Policy 

Personal umbrella insurance provides "extra" liability insurance. This type of coverage kicks in after the limits of your standard homeowners insurance or auto insurance policy have been reached. It was designed to protect you from major claims and lawsuits. In addition, an umbrella policy also covers situations that standard policies don't cover, such as false arrest, libel and slander.

Reasons to Have A Personal Umbrella Insurance Policy 

A personal umbrella insurance policy can cover a variety of situations. Below are a few reasons why it would be important to have this type of insurance: 

1. To Cover the Cost of Damages to Another Person's Body. 

In the event of a major auto accident where you're at fault, it's possible your auto insurance limits wouldn't be enough to cover the medical bills of the other party involved. In addition, the other party could choose to sue you. Your personal umbrella insurance can help take away some of that financial burden by covering those expenses up to your umbrella policy's limit. Other situations where umbrella insurance may be needed include harm caused to others as a result of your dog, injuries sustained by a guest in your home or injuries sustained by a neighbor's child on your property.

2. To Cover the Cost of Damage or Loss of Another Person's Property. 

Personal umbrella insurance policies also cover the cost of damage or loss to another person's tangible property. This could include damage to vehicles as a result of an auto accident where you're at fault, damage claims incurred when your pet damages another person's property or accidental damage to school property caused by your child. The list goes on, but all of these situations could lead to expenses above the limits of your standard policies and an umbrella insurance could be your financial life saver. 

3. To Protect Your Assets When Being Sued. 

In the event you are sued for more money than your underlying policies provide, your umbrella insurance policy may kick in and provide extra financial protection up to its limit. This will help protect your assets and your future. Whether you're sued for slander, libel, false arrest, malicious prosecution, shock/mental anguish or other personal liability situations, your personal umbrella insurance policy is there to provide that extra coverage you need to have peace of mind.

Talk to your Lake of the Ozarks insurance agent about purchasing a personal umbrella insurance policy today! At Insure the Lake, we take care of all your insurance needs. From home and auto to life and business insurance, we're here to answer your questions, provide personal service and find you the best policy at a great value. Give us a call today at 573-348-2794 to see what we can do for you!

Request a Free Quote Online! Contact Insure the Lake today for all your Lake of the Ozarks insurance needs! 

About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.

Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral