Most people don’t give much thought to their insurance coverage until they experience a loss. Then, it’s too late to add coverage. That’s why it’s important to understand the limitations of your insurance policy and whether you need additional protection. After all, your home, renters, and auto insurance policies all have limits. If you experience a major loss, those limits could quickly be reached, leaving you responsible for the remainder. That’s where umbrella insurance comes in.<\/p>\n
Umbrella insurance is designed to provide protection beyond the limits of your homeowners, renters, or auto insurance. It kicks in when you’ve reached the limit on your other policy and can help pay for things like medical bills, legal fees, and damage to property. In some cases, umbrella insurance can even provide coverage for certain types of lawsuits that wouldn’t be covered by your other insurance policies. Renee Oliver Insurance Agency Inc. in Silver Spring, MD provides you with this guide on navigating umbrella insurance. <\/p>\n
For example, let’s say you’re found responsible for a car accident that resulted in $100,000 in damages. Your auto insurance policy has a $50,000 limit for bodily injury liability. That means your insurance company would pay up to $50,000 toward the damages. The other driver could sue you for the remaining $50,000, and you would be responsible for paying that amount out of pocket.<\/p>\n
If you had an umbrella policy with a $1 million limit, it would pay the remaining $50,000, so you wouldn’t have to.<\/p>\n
An umbrella policy can also provide coverage for certain types of lawsuits that wouldn’t be covered by your other insurance policies. For example, if you’re sued for libel or slander, your homeowner’s insurance policy likely won’t provide any protection. But an umbrella policy would.<\/p>\n
If you’re looking for extra protection beyond the limits of your homeowners, renters, or auto insurance policy, Renee Oliver Insurance Agency Inc. in Silver Spring, MD can help you get the coverage you need. Give us a call today to learn more about umbrella insurance and how it can help protect you from major financial losses.<\/p>\n
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Most people don’t give much thought to their insurance coverage until they experience a loss. Then, it’s too late to add coverage. That’s why it’s important to understand the limitations of your insurance policy and whether you need additional protection. After all, your home, renters, and auto insurance policies all have limits. If you experience […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[11,10],"class_list":["post-40","post","type-post","status-publish","format-standard","hentry","category-life-insurance","tag-renee-oliver-insurance-agency-inc","tag-silver-spring-md"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t