What Does Umbrella Coverage Mean and Do I Need It?
Insurance is intended to protect individuals or businesses for a variety of reasons such as house fires, car accidents, premises liability, lawsuits against companies, and many more. But what happens when your insurance denies a claim or is not enough to cover all of the costs associated with the claim?
What is Umbrella Coverage
Many people ask the question, “what is umbrella coverage?”. Umbrella insurance is the added protection you may need if faced with an unfavorable situation or dramatic tragedy.
If you have valuable assets to protect, it would be wise to invest in an umbrella liability policy. Umbrella coverage comes into play if you reach the limit of your insurance coverage on either your home or auto policy. It protects you beyond what your insurance policy is able to provide in the case of unforeseeable events that could strip you of everything you have.
Many umbrella policies provide coverage of up to $1 million, although larger policy limits are available. Additionally, umbrella coverage protects you from numerous situations where general liability coverage falls through the cracks including libel and slander.
What Does Umbrella Coverage Protect You Against
Umbrella coverage policies will protect you from a variety of circumstances, many beyond what your typical auto or homeowner’s insurance would cover. Claims for injury, property damage, personal liability, and other specific lawsuits fall under this protection.
One main benefit of umbrella coverage is the protection it provides in the event of lawsuits that are not typical. As stated previously, umbrella insurance policies can protect you if you are sued for slander and libel.
Broken down, here are some examples of the types of coverages that an umbrella policy would provide.
Bodily Injury Liability – This could cover the cost of medical bills or claims as to the result of damages to another person’s body.
- Injuries to others due to an at-fault car accident.
- Animal attacks such as dog bite injury.
- Injuries to a guest in your home.
- Injuries sustained to others while on your property.
Property Damage Liability – This could cover the costs associated with damage or loss to an individual’s property.
- Damage to vehicles and other property due to an at-fault car accident.
- Damage to another individual’s property caused by your pet.
- Damage to school property cause accidentally by your child.
Landlord Rental Unit Protection – This could cover costs associated with issues you may face as a landlord.
- Injuries occurring on the inside or outside of your rental property.
- Injuries occurring from your tenant’s pet biting someone.
Who is Liable In A Personal Injury Accident?
When people fail to exercise reasonable care and cause injuries and harm to others, they may be liable to pay damages to the victims. The failure to use reasonable care that results in injuries to others is called negligence.
When you have been injured by somebody else, you should retain a personal injury attorney who is experienced and skilled in tort law. At Hutzler Law, a skilled and experienced attorney will assess your claim and explain whether you have valid grounds to file a lawsuit to seek monetary damages for your losses.
Having our firm on your side can help you to recover more compensation than you might recover on your own or with the help of an inexperienced lawyer. The skills of your attorney directly relate to the outcome of your case.
About Hutzler Law PLLC
If you believe you need the help of a personal injury lawyer in the Phoenix area call Hutzler Law PLLC (602) 730-4530 or visit us at HutzlerLaw.com“
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Originally posted on https://hutzlerlawfirm.wordpress.com/2021/11/08/what-does-umbrella-coverage-mean-and-do-i-need-it/
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