Umbrella Insurance
Umbrella insurance is an essential type of policy that comes in handy in many situations. You may assume you have enough coverage, but there's nothing wrong with having an additional layer of protection. Many people in Montana have been getting this coverage to ensure they're well-prepared in case of major accidents. To get started with this type of policy, Jackson & Iverson Insurance explains the basics of what you should know.
What Is Umbrella Insurance?
Umbrella insurance is a form of liability insurance that gives you extra protection if you're found liable for an accident and the damages exceed your policy's limits. For instance, let's say you have caused a car accident, and the damages are $350,000. However, your regular auto insurance policy has a limit of $200,000. It means you'll have to pay the remaining cash. However, if you have this policy, the insurance company will pay for you.
Who Needs Umbrella Insurance?
This type of coverage is for everyone with assets. As you purchase a home, vehicle, boat, or investment property, you'll need umbrella insurance to fill in those gaps that your regular policy doesn't. Also, if you live an extravagant lifestyle or are in an area prone to lawsuits, you'll need this policy.
Incidents Covered by Umbrella Insurance Policies?
Now that you know what this policy is and who needs it, let's take a look at the usual incidents it covers. The most common include the following:
- Auto accidents
- Dog bites
- Slip and falls
- Lawsuits resulting from libel and slander
- Property damage
Are you still wondering if you need umbrella insurance? Let Jackson & Iverson Insurance help. We can help you determine if this policy is for you and how much coverage you need based on your needs. Contact our Montana agents today and ensure you have this extra level of security.
