Although its name might make it sound whimsical, umbrella insurance is, in fact, a decidedly serious concept. It is a type of supplementary liability coverage that works in tandem with your existing policies to provide better protection. To help you understand the concept, Mitchell Insurance Agency in Houston, MO, explains what an umbrella policy is and why you need one. Their six decades of industry experience give them the expertise to offer clarity and guidance.
What Is Umbrella Insurance?
Umbrella coverage increases the limits of your auto and homeowners liability protection and fills in gaps in your current coverage. For instance, it covers slander, libel, false arrest, wrongful eviction, and privacy rights violations, items that are rarely included in a homeowners insurance policy. Moreover, most umbrella policies offer a minimum coverage of $1,000,000, considerably more than is provided by the typical homeowners or auto insurance policy.
Why Do You Need an Umbrella Policy?
As any insurance agency will advise, umbrella insurance is crucial if you have considerable assets to protect, such as real estate, retirement savings, investment portfolios, collectibles, or other assets that could be at risk if you are found liable for property damages or injuries suffered by someone else. The costs of medical treatment can easily reach tens or even hundreds of thousands of dollars, while the costs of defending a lawsuit can likewise reach catastrophic amounts fast. To protect yourself, your family, and your financial future, you need an umbrella policy to guard against the unthinkable. A bit of foresight and planning will give you peace of mind and let you sleep more easily knowing you are covered if the worst happens.
For more than 68 years, Mitchell Insurance Agency in Houston, MO, has been helping customers throughout Texas County design umbrella coverage that supplements their home and car insurance policies. Contact them for more information and policy advice. Visit their website to contact them, or call them at (417) 967-2140.