Automotive insurance and homeowner's insurance are common types of insurance everyone knows about and ones that just about everyone who qualifies for it, is required to have. Umbrella insurance isn't like this. This type of insurance isn't commonly talked about it, despite it providing significant advantages and financial protection for its policyholders. It's also a type of insurance that is almost never required, not by the state nor by groups like mortgage lenders.
However, just because it isn't as common, and it isn't mandatory doesn't mean it isn't important. Here's a look at why you should talk to one of our Lambert Agency insurance agents today about umbrella insurance:
Umbrella Insurance From Lambert Agency
Umbrella insurance is an appropriate name due to it serving as an overarching type of insurance that covers multiple needs. It is typical personal liability insurance that kicks in whenever you are found financially responsible for damages or injuries for some type of event that is either not covered by primary insurance or when damages exceed that primary insurance policy's coverage limits.
For example, if you are in a car accident and have comprehensive insurance, there will still be a policy limit over which your insurance won't reimburse you for. This can be exceptionally frustrating as you are left having to pay for something like new upholstery to replace what was ruined in an accident in which the other driver was at-fault but also uninsured. But with umbrella insurance, you don't have to worry about it. This policy kicks in once you meet your existing policy limits and pays for the difference so that you don't have to.
Or, if you didn't have comprehensive insurance at all and were fully responsible for repairs for this type of accident due to the at-fault driver being uninsured or for a situation like a hit and run, then the umbrella insurance will kick in at the start.
Contact Lambert Agency to Learn More
For more information about how umbrella insurance works and the varying ways it can assist you, contact our team at the Lambert Agency.