Insurance is there for when things go wrong, but sometimes it’s not enough. That’s where umbrella insurance comes in. It gives you extra protection when your regular insurance runs out, so you’re not stuck paying for big bills on your own. It’s smart to have that extra cushion.
What is Umbrella Insurance?
Umbrella insurance is like a backup plan. If something happens and your regular policy can’t cover the full cost, umbrella insurance helps cover the rest. It can help with legal fees, medical costs, and anything else if you’re responsible for an accident or damage. It also helps if someone sues you for things like slander.
Who Should Consider Umbrella Insurance?
While almost anyone can benefit from extra protection, certain people are at higher risk of liability claims, including:
- Homeowners – If someone gets hurt on your property, your standard policy might not cover all the legal costs.
- Drivers – A major accident could easily exceed your auto insurance limits.
- Landlords – Owning rental properties increases the risk of tenant-related lawsuits.
- Business Owners – A lawsuit could financially devastate your business without the right coverage.
- High-Net-Worth Individuals – If you have substantial assets, you could be a target in a lawsuit.
Real-Life Scenarios Where Umbrella Insurance Saves the Day
Here are a few examples of how this coverage can protect you:
- Car Accident – You cause an accident, and your auto insurance can’t cover all the costs. Umbrella insurance takes care of the rest.
- Injury at Home – A guest gets hurt on your property, sues you, and your homeowner’s policy doesn’t cover everything. Umbrella insurance fills in.
- Defamation – Someone sues you because of something you said online. Umbrella insurance helps with the legal fees.
How Much Coverage Do You Need?
Umbrella policies usually start at $1 million in coverage, but you can get more if needed. The amount depends on how much you own and how much risk you have. If your assets are more than what your regular insurance covers, umbrella insurance keeps you protected.
Umbrella insurance fills the gaps where regular policies can’t. It’s great for anyone who owns a home, drives often, rents property, or has assets to protect.
At Kaplan Insurance, we understand that every situation is unique. That’s why we’ll work with you to find an umbrella insurance policy that fits your specific needs and provides the protection you deserve–whether it is for your business or personal needs.