When applying for a new insurance company, a lot of times the insurance companies ask you whether or not you want to enable umbrella insurance. When this happens, there are some who are completely clueless about what that means. If you are one of those individuals, Trueway Insurance is here to break it down for you. We are the best choice when it comes to home insurance quotes, Palm Springs.
What is Umbrella Insurance?
You can think of umbrella insurance as a safety net for your personal savings and assets. Umbrella insurance is an additional liability policy that covers you beyond what your base homeowners liability insurance covers. It is also known as “excess liability coverage.” When you reach the dollar amount limit of your underlying policy, umbrella policy payouts will kick in, thereby helping protect you from having to use your savings, place a lien against your property, or having your wages garnished to pay the difference.
For example, imagine someone is injured while on your property. Their injuries amount to more than $500,000 and they decide to sue you for damages. And once their attorney’s fees are added in, you’re looking at $600,000+ in total. The liability section of your home insurance policy only covers you for $300,000, so you’re personally on the hook for the amount that exceeds your policy limit. That could mean selling assets or draining your savings unless you have an umbrella policy to protect your wealth.
Umbrella policies require you to have a certain amount of liability coverage through your underlying policies. Our program is available to applicants who have a primary home written with American Integrity Insurance and their auto policy written through the same agent.
What Does It Cover By Insurance Companies
No matter how safe we try to be, accidents can always happen and most likely when you least expect them. When accidents occur in homes or on personal property, homeowners insurance can usually help pay for damages. But what happens when costs associated with an accident exceed the maximum coverage afforded through your policy? When damages surpass your coverage limits, an umbrella insurance policy can help you avoid financial ruin.
An umbrella policy will cover the following:
- Injury treatment of others
- Property damage of others
- Lawsuits involving slander, libel, defamation of character and other personal attacks
An umbrella policy will not cover the following:
- Your own injuries
- Damage to your personal belongings
- Intentional or criminal acts
Call Us Today
Trueway Insurance is one of the best insurance companies located in Palm Springs. We offer the best home insurance quotes and auto insurance quotes. This includes those looking for cheap car insurance. We are here to provide quality for our customers because we believe in the power that insurance can have in any person’s life. If you are interested in learning more about what we can do for you or you have further questions regarding notaries and how they play a part in the insurance process, contact us. We hope you find the information you need here but if not please give us a call at (561) 318-5540. We are the experts you can count on when it comes to home insurance quotes and umbrella insurance.