Common Claims That Utilize Umbrella Insurance
Some people think umbrella insurance is a waste of money. Still, the truth is that it’s an important protection for anyone who wants to be safe from liability lawsuits and other undesired events. For example, if you are sued for libel or defamation, your umbrella insurance policy will help cover the costs.
First things first, personal umbrella insurance adds a layer of protection to your home, rental property, boats, and cars. It means you need to have basic insurance to get accepted for personal umbrella insurance. Similarly, an umbrella comes to save you when your basic policy limit is exceeded. It can increase your policy limit up to 5 million dollars.
Primarily it covers your vehicles, watercraft, rental property, drivers, and personal injury. But we will highlight some of the aspects that people don’t know.
1-Boat/ Car Accidents
Accidents can happen to anyone at any time, no matter how carefully we drive. Despite the fact that nobody does an accident intentionally, one party is always more accountable for accidents than the other. In such cases, you need additional coverage for yourself and your vehicle that standard policies do not provide. The use of a personal umbrella will protect you in both scenarios, whether you have to pay for property damages or physical injuries. A personal umbrella will pay for all the medical expenses of injured parties. Moreover, your family members will be covered as well.
2-Your Dog Bites Someone
Dogs are amicable creatures, but sometimes they can get angry or annoyed. If your dog bites somebody, you will be held responsible. You will have to pay the damages and face the legal consequences. Here again, your personal umbrella policy helps you tackle the situation.
3-Injury or Accidents in Your Premises
A Personal Umbrella Policy will cover you in case of any accident or injury on your property, whether your home, rental property or farm. As an example, a child playing in your home could get injured. As well as providing financial support for courts and attorneys, the policy covers damages as well. The land you own or lease will also be covered if it belongs to your family. People who rent their properties are well protected with this layer of protection.
4-Traffic Violation
There are times when we have to drive fast due to an emergency. We may be cited for driving too fast. Protecting your family and drivers with your personal umbrella is also a good idea. Under this policy, your underage drivers are protected from one moving violation, while drivers of normal age are covered by three.
5- Worldwide Coverage
While your primary insurance policy leaves your guard as you leave the USA. But the personal umbrella policy covers you worldwide. Whether an accident happens to the policyholder outside the USA or it happens at his property while he is outside, this policy will come to rescue you. Therefore, PUP is best for people who often have to travel for business purposes.
6-Social Media Opinion
People rarely know you can be sued for publishing a negative review or opinion about any brand or individual online. In such a scenario, your personal umbrella policy protects you. It will bear not only defense cost and attorney fees but the defamation in case you are forced into bankruptcy for defamation of character and wrongfulness.
7- Malicious Prosecution
The Umbrella policy also extends to cases you face due to ill-intentioned litigation, or you are arrested on false charges. Sometimes our evil competitors try to drag us into false cases to divert our attention from the things that matter. You will get all the defense costs, attorney fees, and other financial costs in these cases.
Final Words
Personal umbrella insurance can be a wise investment if you can afford to pay a little more for your coverage. In addition to expanding your existing coverage limits, it also covers areas where standard policies fail. The best part is that you can usually get a large number of umbrellas for a low price. A typical $1,000,000 umbrella policy with the average home insurance premium for two adult drivers costs just $150 per year.
About Daniels Insurance, Inc.
At Daniels Insurance, Inc., we have a unique understanding of the risks that businesses like yours face on a regular basis. With the backing of our comprehensive coverages and our dedication to customer service and quick claims resolution, your business will be fully protected. For more information, contact us today at (855) 565-7616.