What Should I Know About Umbrella Insurance?

Ever heard of umbrella insurance? As the name suggests, umbrella insurance can save the day on a rainy day. When your underlying insurance policies run out, umbrella insurance protects your finances by picking off from where your conventional liability coverage leaves off. But since umbrella insurance is one of the most misaligned insurance policies, AWARD Insurance Group of Dalton, GA gives details on what you should know about umbrella insurance.

It’s liability coverage

Most people assume that umbrella insurance covers all risks, perhaps because of the name "umbrella." The truth, however, is that umbrella insurance is liability coverage that protects you when accused by other people of inflicting bodily injury or property damage. For instance, if you cause a severe car accident, umbrella insurance will only cover bodily injury and property damage you cause to other people. However, you should claim from your car insurance for damage to your car and own injuries.

Has broader coverage

Umbrella insurance gives both higher and broader coverage. By broader coverage, it means that umbrella insurance will cover liability claims not included in other liability coverages. For example, umbrella insurance covers slander, false arrest, libel, and malicious prosecution that won’t be covered by liability coverage in your home or boat insurance policy.

It doesn’t have geographical limitations

Your home or car insurance policy won’t protect you beyond the borders of the US. However, this isn’t a limitation of umbrella insurance. This liability coverage can cover you anywhere in the world.

It’s affordable

Most people assume that umbrella insurance is expensive given the high liability coverage it offers. However, the reality is that umbrella insurance is super-affordable because it takes over after the underlying insurance coverage has been exhausted.

Would you want to learn more about umbrella insurance? If you are in Dalton, GA, and its environs, don’t hesitate to get in touch with AWARD Insurance Group.