An umbrella insurance policy is an insurance policy that provides coverage beyond the limits of your underlying policies. It can provide additional coverage for personal liability, legal fees, and more. Getting an umbrella policy is a big decision; that’s why L & S Agency Inc. in Buffalo, NY is here to explain the basics.
How does an umbrella insurance policy work?
Umbrella insurance provides coverage that goes above and beyond your regular insurance policy. If you’ve ever been in a car accident or had a disaster hit home, you may have experienced the financial distress that can occur when insurance limits are exhausted. In these situations, an umbrella insurance policy can be beneficial.
An umbrella insurance policy’s coverage kicks in once the primary insurance policy hits its limit. It’s an extension of your existing policy, so you can’t have umbrella coverage alone.
Benefits of having personal umbrella insurance
Umbrella insurance benefits individuals and families because it provides a level of coverage not otherwise available through the personal insurance market.
For instance, an individual without umbrella insurance would have no coverage for economic damages resulting from a car accident in which the cost of recovery and court fees exceeds their insurance policy limit. It’s an excellent idea for those who own expensive assets, such as valuable jewelry, entertainment systems, and luxury vehicles.
Give Us A Call
L & S Agency Inc. in Buffalo, NY offers umbrella insurance to protect you from significant financial losses. Umbrella insurance can cover damages from lawsuits, car accidents, home disasters, and more. If you’re interested in learning more about the security an umbrella policy can provide, please reach out to us today.