Before You Buy Umbrella Insurance
What's Covered by Homeowners and Business Liability Insurance?
When you buy umbrella insurance you get coverage above the liability insurance included in your homeowner's insurance policy or your Business Owner's Policy.
If you have to ask, then chances are that yes, you do need an umbrella insurance policy. Once you research insurance companies and find the one that’s right for you and research insurance policy types to find the right Business Owner’s Policy or homeowner’s insurance policy, it’s time to take a closer look at add-on coverages like umbrella liability, the key to properly insuring your home or business.
An Umbrella liability insurance policy extends the protection provided by your existing insurance policy to provide additional coverageto the tune of $1 million, $5 million, even $10 million dollars additional coverage for your home or business. An Umbrella liability insurance policy can mean the difference between continuing to run your business without a hitch or having to sell your home.
So what, you might be thinking. I'm a small business. I’m “just” a homeowner. I don't need to think in terms of millions of dollars' worth of insurance or buy umbrella insurance. That's true only as long as you can pony up that $1 million in case you lose everything in a lawsuit.
Subject to the limits and terms of the policy, an Umbrella liability insurance policy might just be your best bet- an additional layer of coverage in case of a “storm.” And isn't that what insurance is all about? Learn more about the umbrella insurance liability policy on the insurance blog.
Talk back with the writer, Lisa Nichols and tell us about your experience buying umbrella insurance.
