While liability insurance is already a component of home and auto coverage, an existing policy may fall short in some cases. That’s where umbrella insurance comes in. These policies expand existing coverage to make certain the insured is covered against a myriad of risks and occurrences. 

What Is Umbrella Insurance?

Umbrella insurance isn’t a stand-alone policy. Instead, it’s attached to existing insurance to increase protection. Like liability insurance, it financially guards the insured against any lawsuits filed against them. Additionally, it can increase coverage limits to prevent you from paying out-of-pocket for repairs or medical costs incurred by others. 

What Does It Cover?

Umbrella policies protect you when you’re liable for injuries and property damage occurring to a third party. This includes a variety of events, such as a person who slips and falls at your home. It can also cover you if your pet bites another person and causes injuries.

Rely on it for defamation claims, in which case it would provide funding for court costs and lawyer fees. Umbrella insurance does not cover damage occurring to you or your property, however. 

Why Is It Necessary?

Even with insurance in place, costs for damages and legal fees can become exorbitant quickly. For example, consider the costs related to a multi-vehicle accident for which you’re considered responsible. Damage to vehicles alone could result in thousands of dollars of repairs. When you add in the potential injuries and associated medical costs, you’re looking at even more expense, even when the harm done is relatively minor. With the added liability insurance protection afforded by umbrella policies, you can rest assured these costs will be covered. 

If you’re concerned that your existing auto or home coverage doesn’t offer sufficient protection, it’s best to act fast. Serving the Texas panhandle, Kirk Insurance Agency will review your current protections and risks to help you decide whether an umbrella policy is called for. This agency offers a range of products, from property coverage to insurance for business owners. As a Spearman-local family-owned and -operated company, they have a real investment in helping their neighbors secure the best protection for their needs. Schedule a consultation today by calling (806) 659-2794 or see the full listing of insurance services online.