It’s important to be smart about the insurance you are purchasing and properly balance the policies you have with the risks you are exposed to. An umbrella insurance policy is a great way to further protect you from financial dangers.
For the amount of coverage you purchase, an umbrella policy is highly affordable. This type of insurance policy extends above the limits of liability provided in your auto, home, and other insurance policies. In the case of a lawsuit against you that surpasses the limits of your policy, an umbrella policy will be there to protect you from more out of pocket expenses.
What can your umbrella insurance do for you?
It is important to fully understand the terms and guidelines of your umbrella policy so you know exactly where and when you are covered. The terms of umbrella policies vary based on each carrier’s guidelines and your own specific needs. Our independent insurance agents are there to guide you through the benefits, restrictions, and coverages for each carrier to help you find the best fit.
In most cases, an umbrella insurance policy protects you from:
- Injuries or damage you cause in a car accident
- Injuries someone suffers on your property
- Property damage you cause in an accident
- Property damage your pet causes
- Property damage your dependent or child causes
- Attorney fees and other legal costs if you are sued
Your underlying insurance policies may cover you in these cases, but your umbrella policy will go above and beyond your current coverage. In many cases, your umbrella policy will also follow you whenever and wherever you travel – include overseas.
Many people feel that umbrella policies are only for individuals with a large number of assets. However, accidents can happen anywhere and to anyone, so it is always important to make sure you are protected.
Imagine a visitor arriving at your home and slipping on a wet sidewalk or some fallen leaves. This could result in a wide range of injuries from a sprained ankle to head trauma and lead to a lawsuit against you. While your homeowner’s policy does provide coverage for this instance, it generally caps off at $500,000 regardless of what the jury may find you responsible for. Or a car accident where there are multiple injuries and vehicle damage that might cap off at $100,000 or $250,000. An umbrella policy would jump in to cover the remaining amount rather than the financial responsibility falling on you or your assets.
All it takes is a quick chat with one of our independent insurance agents to start the process of purchasing this crucial coverage. The annual costs of an umbrella policy are low in comparison to the amount of coverage you are purchasing and come down to the following factors:
- The amount of coverage you wish to purchase
- Your insurance carrier’s provisions
- Your risk profile and driving record
- The number of homes, cars and recreational vehicles
- Any applicable bundle discounts available
Why use Foy Insurance?
Now is the perfect time to get your no-obligation quote for an umbrella insurance policy. Complete the contact form or give us a call today to chat with one of our talented representatives about why you should have an umbrella policy.
There is no such thing as a one size fits all insurance policy. While most products are similar in price and function, some offer different coverages. It’s important for your agent to understand all the things you own, what you and your family is involved in and what assets that could be in jeopardy.
Let one of our representatives be your trusted guide and work through each option to find you the best fit. We proudly pair our customers with carriers that will represent their needs in the most affordable and responsive way.
Foy Insurance is home to 11 different locations all across New England. We are your neighbors and your friends. Contact us today so we can protect the things you care about most.