Personal umbrella insurance can help you in a variety of ways. The easiest way to think of it is as insurance that adds extra liability coverage to insurance you already have. That is a generally standard definition.
Besides being more coverage, there are many extra things umbrella insurance can cover.
What is umbrella insurance?
When you insure a piece of property, it usually comes with liability coverage. Liability coverage can protect you in case someone gets hurt on your property. It can also help you if you or your property damages another person’s property or causes injury.
Your auto liability coverage usually works when an accident damages another person’s property. If someone gets hurt in your house, your home liability insurance can often help that person.
Sometimes, an accident occurs that exceeds the limits of your regular liability insurance. Even the most unintentional accident can cause profound personal injury or property damage.
If the right peril strikes at the wrong time, you may be looking at massive liability costs. In these cases, personal umbrella insurance can help you. Personal umbrella insurance helps if claims exceed the value of your normal coverage.
What can umbrella insurance cover?
Many people believe that personal umbrella insurance only covers home and auto liabilities. But, personal umbrella insurance can extend to more than just home and auto risks. There are many umbrella policies that cover a lot of your personal property.
A policy could cover:
- Dog bite injuries
- Slander, libel or other malicious speech
- Boat operations
- RVs, motorcycles and other specialty vehicles
What does personal umbrella insurance not cover?
However, personal umbrella insurance may not cover all your liabilities. Some things may not have coverage, like:
- Personal property damage - Your comprehensive insurance coverage will protect damages to personal property or injuries.
- Intentional damages - If you cause damages through negligence or malicious intent, umbrella insurance will likely deny your claim.
- Business losses - To get coverage for business liabilities, look into business umbrella coverage.
In cases like these, and others, you will likely not be able to use your personal umbrella policy. Make sure you know what your policy will and will not cover.
Avanti Associates can help you get the personal umbrella insurance in NY that you need. If you want to pursue coverage, explore our website and get a fast quote. Give us a call today at (914) 273-8511 for more information.