Tips on How Umbrella Insurance Work

Guy with Umbrella

How Does Umbrella Insurance Work

If you've taken out insurance for a home or car, you may have heard about umbrella insurance. With all the other details that went in to your policy you probably skipped over this coverage because the last thing you wanted was more confusion. At Petruzelo Insurance we know the insurance business can be complex and we want to simplify it as much as possible so people looking for the right coverage get the information they need to make informed decisions. Umbrella insurance is one of those things everyone has heard about, but few can explain. Here are some basics about umbrella insurance to give you a solid understanding about this type of coverage.

What is Umbrella Insurance?

Basically, umbrella insurance is an excess liability policy that covers you if your basic home or auto insurance policy doesn't pay enough, or doesn't cover a specific incident. When you are liable for an injury or property damage, your basic insurance policy will pay its limit, and then your umbrella insurance kicks in and pays the rest. Umbrella insurance exists to cover any shortfall in your basic policy so you can protect your assets. Umbrella policies were created to provide additional coverage when a lawsuit is brought against you in an amount that exceeds the liability limits on your car or home insurance.

Do I Need It?

If you are concerned about losing income or assets in a lawsuit then you should definitely consider adding an umbrella policy. People who have significant assets need to understand that these assets are fair game when it comes to settling a lawsuit and if you are responsible for injuring someone who has a high net worth you may owe for lost wages, medical bills and pain and suffering and that adds up to quite a lot. If you aren't sure if you are a candidate for umbrella insurance, it's always a good idea to contact your local insurance agent and find out what the best option is.

Does my Business Need It?

No matter what type of business you own you always face the potential of a claim arising from an unforeseen event. Slips and falls, product defects and accidents are a fact of life and if you want to add extra protection to safeguard your business assets a commercial umbrella policy can provide substantial liability limits over and beyond your other policies.

For more information on umbrella insurance in Connecticut, call: 1-866-479-3327


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