Umbrella Coverage Information
Located in the heart of the Piedmont Triad, Costas Insurance group has been trusted by our neighbors to provide quality insurance solutions for more than 30 years. We know that it can feel complicated to wade through the countless policies on the market today. But with our expertise, we will help you pinpoint the plans that are perfect for you in all aspects of your life.
One of the best ways to get expansive, affordable personal liability insurance is to invest in an umbrella liability plan. This versatile coverage will augment the benefits within your standard liability plans, while offering you a high level of coverage that you might not even know you need.
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Common Umbrella Insurance Questions
What is umbrella insurance?
If you have a home insurance, auto insurance or similar personal policy, then that plan will probably contain liability insurance. These benefits will help you repay others when you make mistakes that cause them harm, and which you are legally responsible for paying for.
However, if a third-party liability claim ever exceeds the value of your standard liability policy, then you don’t want to risk having to pay the outstanding costs out of pocket. Instead, an umbrella insurance policy can step in to cover the remainder. You’ll be able to settle your differences with others without facing an insurmountable financial strain on your own.
What does an umbrella liability policy cover?
A single personal umbrella policy can be used in conjunction with numerous policies at the same time, including:
To use this plan, you would first have to file a claim against your personal liability policy. Once that policy has maxed out its benefits, you can turn to your umbrella policy to cover the difference.
Most policies will offer at least $1 million in additional protection, and many will cover liabilities that aren’t covered at all by your basic policies.
Why do you need umbrella insurance?
By getting a personal umbrella policy, you’ll open yourself up to a significant amount of additional protection. The benefit of having this plan is that you might never know you need it until you do.
Suppose that you have homeowners insurance with a liability limit of $500,000. However, a neighbor falls down your steps, sustains a severe injury and sues you for $2 million worth of medical bills, lost income and other damages. That’s a $1.5 million difference between what you owe this neighbor and what your homeowners liability policy is going to pay. You can turn to your umbrella policy to cover the difference.
How much does umbrella insurance cost?
They are highly affordable, flexible and easily integrated into your personal insurance portfolio. In the end, you’ll be glad that you have this benefit if the need ever arises where you have to use it.