Umbrella InsurancePersonal Insurance
You may have heard the term umbrella insurance but you may not really understand what it’s for and why it’s a coverage that you might actually need.
An umbrella policy is designed to be carried over your primary liability coverage. Primary refers to the fact that in the event of a loss, the liability portion of your auto or homeowner coverage is the first to respond. Umbrellas or excess liability policies respond to an eligible loss only after the primary insurance has paid its limit.
It’s quite possible that your primary insurance limits provide more coverage than you’ll ever need. However, large liability losses do occur and you may not be completely covered by a primary policy. For instance, you happen to lose control of your car while driving on a rain-soaked road and your car crosses the center line striking a school bus full of children head on. There are dozens of injuries, several of them are serious. Or let’s say you throw a birthday party for your son and you serve hamburgers that might be slightly undercooked. This leads to several cases of food poisoning. 2 children suffer permanent kidney damage. Are your primary liability limits large enough to handle these losses? If not, without an umbrella policy, any shortage may have to come out of your personal assets.
If you want to find out more or would like a quote, please don’t hesitate to call us at 704-926-2500 or submit your information below and we’ll contact you as soon as possible.