What Is An Umbrella Insurance Policy And Do I Need It?
It is incredibly challenging to know whether or not you’re going to win a lawsuit that is the direct result of a car accident or an accident that has occurred on your property. This kind of unknown presents a risk to you financially, and that’s why umbrella insurance policies are so sought after. As you know, insurance policies are there to protect you in various ways, and umbrella insurance policies are no different.
What Is An Umbrella Insurance Policy?
An umbrella insurance policy is designed to act as a secondary form of coverage. It is there to offer you additional protection in situations where your primary forms of insurance have been exhausted. While it is true that knowing you have an umbrella insurance policy is not going to save you from a car accident or an accident from ever occurring at all, it gives you the financial cushion you need from legal actions.
In other words, you don’t have to worry about dealing with legal expenses.
What Does It Not Cover?
Just because an umbrella insurance policy offers additional coverage for physical property damage or personal injury claims does not mean that it is going to cover all of your legal bills. It is incredibly important to know what an umbrella insurance policy does not cover. For example, an umbrella insurance policy does not cover your vehicle itself. If there is an accident and your vehicle is damaged, you will still have to cover the cost of replacing your vehicle with, let’s say, your car insurance policy.
Do I Need It?
With all of the additional coverage that an umbrella insurance policy offers, do you need one for you and your family? Absolutely. If you are at all savvy, you will want to purchase an umbrella insurance policy. It’s as simple as that.
When you take the time to look into the additional coverage an umbrella insurance policy offers, you’ll understand why it is a smart idea to purchase one. It is definitely a cost-effective way to protect your family from lawsuits involving physical or property damage.
Having an umbrella insurance policy is a smart choice, not only for you but for your family as well. If you’re at all savvy, you’ll want to purchase one for yourself and your family because it will ensure that your assets are protected and that your family will be protected in the event of a personal injury lawsuit.
Saunders Insurance provides for the insurance needs of Southern Albertans, offering solutions to anyone requiring general insurance. If you are looking for the best insurance company in Taber, reach out to us today!