Umbrella insurance has been specially designed to protect the holder from significant claims that may exceed the limits of a regular policy.
How does it work?
Umbrella insurance from Tim Huber Insurance in St. Augustine, FL can help protect your assets in two significant ways: it provides coverage for claims that are excluded from other liability policies and provides additional coverage above the limits of a general policy.
What Does it Cover?
Umbrella insurance covers all of your assets that may be at risk. Such assets include personal property, retirement accounts, real estate, liquid assets, and investments. The umbrella insurance covers your valuables that may exceed the limits. This means if you have valuable jewelry or are involved in an accident with a high dollar vehicle, the cover can go beyond the typical insurance to pay the difference.
Claiming Your Umbrella Insurance
Consider the following hypothetical scenarios that demonstrate when you can claim your umbrella insurance.
- You cause a 5-car accident and your auto insurance policy isn’t sufficient to pay for all the five accident victims’ replacement cars nor is your personal liability insurance high enough to cater for their medical bills.
- Assume a group of five customers becomes injured on your business property. You cater for their trip to the hospital, and on arrival, it turns out that they will need to undergo expensive surgeries. They sue your business for compensation, and you aren’t worried since you have a general liability insurance policy. However, it turns out that the compensation rises to the tune of $1 million which your general liability policy can’t cover. At this point, the only option you have is to file a claim with your umbrella insurance provider.
There is a lot to understand when it comes to umbrella insurance. Tim Huber Insurance in St. Augustine, FL is here to help educate you on the topics and help you understand how it works. For a quote on umbrella insurance, please reach out to our office.
