Umbrella insurance has several benefits, thus attracting most people. It comes in handy when you have exhausted your policy’s limits for your vehicle, home, or boat. Other claims excluded from your regular policy, like slander and libel, are covered under umbrella insurance. However, it can be confusing why they should get umbrella insurance, yet they are already insured. To help you understand, Breneman Perry Insurance of Indiana explains how umbrella insurance works.
It helps cover any expenses resulting from bodily harm to another person. Whether it is an accident where you are at fault or your friend slipping and falling in your home, umbrella insurance will help pay for medical costs and funeral expenses of anyone involved in that accident.
Property Damage liability provides coverage for expenses resulting from physical damage to another person’s belongings through an accident where you were at fault. It can be the cost of repairs to one’s vehicle or property.
If anyone suffers bodily harm on your rental property, landlord insurance protects you against any liability that may arise. It can be a tenant suing you because they tripped over a damaged sidewalk that you failed to repair.
Umbrella insurance can also give you coverage if you are sued for malicious prosecution, slander, libel, mental anguish, and false arrest and detention.
As much as umbrella insurance helps you protect your future earnings plus assets, you should also note there are some situations not covered under this policy, such as:
By understanding how an umbrella insurance policy works and how you can benefit, you can easily make an informed decision. Indiana residents looking to purchase an umbrella policy for extra protection can contact Breneman Perry Insurance for assistance.
