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To put it quaintly, insurance is like carrying an umbrella on a rainy day. However, even with protection like home or auto insurance in place, you might find that minimum coverage limits are insufficient. That’s why many insurance agents recommend implementing an umbrella policy.

How Umbrella Insurance Works

Umbrella insurance is an added layer of liability insurance. While homeowner’s and auto insurance have a liability component, it can only be applied up to a certain amount. If costs exceed this limit, you will be financially responsible. Depending on the situation, these costs may be exorbitant.

What Liability Insurance Covers

auto insuranceLiability insurance safeguards the policyholder against lawsuits. For example, if you’re in a car accident and deemed at fault, you could be sued by other drivers to recoup losses for medical care and property damage. Liability insurance also protects your property against threats like vandalism, which usually isn’t covered by a standard policy. In cases of libel and slander, liability insurance also offers funding to cover legal and court costs.

Who Should Purchase an Umbrella Policy

Umbrella insurance is a smart idea for many people, but in some circumstances, it’s a must. If you have a lot of assets or own property, implement an additional policy. People with certain home features, such as swimming pools, should also have this insurance in place in the event a guest or visitor is injured. People who play sports, own rental properties, or those who are at a higher risk of litigation should also look into this type of coverage.

 

As a proud member of the Farmers Insurance Group, Steven Hall goes above and beyond to make certain that his clients have the right information. Whether you’re searching for an auto insurance policy, looking for health coverage, or wanting to expand existing liability insurance, he will provide affordable coverage that meets your needs. Other products include life insurance, motorcycle policies, renter’s insurance, and commercial coverage. Schedule your free consultation today by calling (417) 926-7900 or (417) 257-4274. You can also visit the website to get started on an auto insurance quote.

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