When would I need Umbrella Insurance?

Umbrella insurance is becoming more popular as lives are getting more complex, and it covers a bit more than your typical policy. Before you get in contact with Redden Insurance Agency for umbrella insurance coverage within Bradley WV, it’s best to educate yourself on this type of insurance.

Going Beyond the Limit

Umbrella insurance extends beyond the point your home insurance (as an example) is limited so you can cover high-net-worth properties. It’s typically sold in high increments of coverage at a time, like $1 million.

Typically, it’s preferred to have an existing policy with the same company first, as they may require a minimum amount. Your umbrella plan with the same company will also reduce slipping through coverage cracks since not every company writes policies in the same manner.

These policies are also quite useful to exceed legal liability limits, and it may have a broader definition of coverage. This can even extend into damage from libel or slander, among other things. It can even cover you being at the other end of a large lawsuit, and you lack the funds to cover damages.

Applying umbrella coverage to an auto insurance plan can also cover other dynamics of auto accidents. It can cover you as a passenger, a pedestrian, or even if the other driver doesn’t have sufficient insurance. Of course, this will all depend on the personalized terms of your insurance policy.

In the end, you should consider the assets that you own, and you have a relatively high-net-worth, this may be a necessity for your lifestyle. If you are shopping around for umbrella insurance plans within Bradley WV, Redden Insurance Agency may be able to cover you within your area.