Umbrella Insurance

What Is It?

Umbrella insurance is a special policy that will cover a person in unexpected situations that may happen with that person’s business establishment, once their underlying limits from other policies are exhausted. It’s a type of insurance that will give a business owner that extra boost that he may or may not know he needs. It covers losses that may not have even entered the insured party’s mind when he first thought of getting the policy. The very name of the policy, umbrella, indicates that it’s a special protective covering. It kicks in when other policies don’t quite offer enough protection for the situation. The coverage amount can be anywhere from several thousand to several million dollars for the insured person.

Home + Auto

Life + Income

Business

Toys

How Does It Work?

Umbrella coverage can take care of a number of situations and circumstances that one may not consider. An example of something that it might cover is a situation where it may pick up some repairs or medical bills in a car accident where your regular coverage exhausted itself at $300,000. This coverage may also be good for a person who is in a car accident with multiple passengers in his or her car, and all of the passengers get hurt. If the medical damages extend that of the person’s regular policy, then this umbrella policy would kick in, and it would be something that this person severely needs.

Umbrella policies have monthly premiums and they have deductibles like other policies have. The insured and the insurance company settle the amounts before the insured person buys the policy. The monthly premium is just an amount of money that an insured person pays each month to maintain coverage by the policy. The deductible is a preset amount of money that person has to pay if something happens that requires him to open a claim. He would have to pay the preset deductible and then the insurance policy would kick in as long as the insurance company decided that the claim was valid.

Richter Insurance offers free, comparative quotes on Umbrella Insurance from multiple insurance carriers so you can get the best possible rate.

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