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Featured Insurance Blog

What is Umbrella Insurance?

Umbrella insurance is an add-on insurance policy providing liability coverage above and beyond what your standard insurance policy’s liability coverage provides. Many people assume if they are not millionaires, they do not need umbrella insurance; however, anyone can benefit from purchasing an umbrella insurance policy. Those in Buffalo, NY should speak to their agent about umbrella insurance or contact the experts at L & S Agency Inc. to learn more about umbrella insurance policies. 

What Does an Umbrella Insurance Policy Cover?

In today’s world, anyone can be sued for any reason. If you have been sued and found liable for injuries and damages, you have to pay for the costs not covered by the liability coverage section of your insurance policy. Most insurance policies have caps on the amount of money they pay out for liability claims. Umbrella insurance picks up the tab and pays for the difference. The policy pays for medical bills, repair bills, and legal fees associated with the lawsuit filed against you. 

Is Umbrella Insurance Worth It? 

If a judge decides you owe more than the limits of your insurance policy, you are financially responsible for paying for those costs out of pocket. If you have substantial assets or a high income, both can be at risk of being seized to pay for your out-of-pocket expenses. Your umbrella insurance policy will protect your assets and income by paying your costs. Additionally, if you would be unable to pay for the out-of-pocket expenses, your umbrella insurance can save you from financial ruin. 

When shopping for insurance in Buffalo, NY, don’t forget to ask about adding umbrella insurance to your existing insurance policy. If you have questions about umbrella insurance, reach out to L & S Agency Inc. experts today to discuss your options.