If you cause an accident or someone gets hurt on your property, the liability coverage in your homeowners or auto insurance policies will cover some of the damages. However, some situations fall through the cracks, and others may result in damages that exceed the limits of your existing policies. An umbrella insurance policy extends liability coverage across every area of your life, providing peace of mind and protecting your financial future.

Why You Should Purchase an Umbrella Insurance Policy

1. Accidents Can Be Extremely Expensive

$300,000 in liability coverage may seem sufficient, but even minor injuries suffered in auto accidents can quickly exceed these limits, especially if there were multiple people involved. If you cause an accident resulting in $500,000 in damages, your umbrella insurance policy will cover the remaining $200,000.

2. Some Incidents Aren’t Covered

Homeowners and auto insurance policies cover very specific situations, and many common accidents may be specifically excluded. Umbrella insurance policies are designed to cover incidents that may not be covered by other policies. Even if your auto insurance policy denies a claim, your umbrella insurance policy will still pay for the damages.

3. Umbrella Coverage Is Inexpensive

Umbrella insurance offers valuable benefits, and the cost is minimal. Depending on the liability limits on your other policies, you might be able to get $1 million in coverage for just a few hundred dollars a year.

4. Legal Defense Is Included

If you’re being sued, the legal expenses of mounting a defense can be financially destructive, even if you win the case. An umbrella policy gives you access to an insurance company’s attorneys who will fight to protect the insurer’s interests against frivolous claims.

5. Getting Coverage Is Simple

Most people choose to purchase an umbrella insurance policy from the same company that provides their home or auto coverage. While this may be a good deal, you should have an independent agent shop around to compare options before choosing a policy.

Insurance can be complicated, but Chanler Agency is committed to making it easy for you to get coverage tailored to your needs. With offices in Geneseo and Livonia, NY, they offer a broad range of policies and unmatched customer care to clients throughout Livingston County, NY. Visit their website for more on their personal coverage options, or call (585) 243-5520 to speak with an agent in Geneseo. To request an umbrella insurance policy from their Livonia office, call (585) 346-3118.