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Investing in home and auto insurance is both essential and smart. These insurance policies protect your property and also safeguard against liability if someone becomes injured on your property, and you’re found responsible. The subsequent lawsuit can be expensive, and if the costs exceed your coverage limits, you’ll be obligated to pay the remainder out of pocket. Implementing an umbrella policy, in addition to standard coverage, can be a safety net for these situations. 

What Is Umbrella Insurance? 

Umbrella coverage is a type of supplemental insurance that is added to home, vehicle, boat, or business policies. It is not stand-alone insurance and only works in conjunction with an existing policy.

If an accident occurs at your home or you cause an accident while driving, this coverage will expand existing limits from other policies to ensure all damages, including medical costs, are covered. It also covers property damage occurring to third parties and extends a landlord’s insurance beyond what a tenant’s renters policy covers.

What Are the Benefits?

No one ever thinks they’ll be subject to a costly lawsuit, but it’s more likely than you might think. For example, you could have a structurally unsound tree on your property. If a branch falls, lands on a neighbor’s home, causes massive damage, and injuries the inhabitants, the resulting lawsuit could have a significant negative impact on your finances. The lawsuit, damages, court costs, and lawyer fees can all be covered by an umbrella policy. 

auto insuranceIt can also cover other members of your household. If your teenage son takes causes a massive auto accident involving several different vehicles, your financial liability will be extensive, and your existing auto insurance policy limit may be insufficient. With an umbrella policy, damage to all vehicles would be covered, as would any injuries incurred during the incident. 

 

Whether you have questions about home or auto insurance or want to discuss your need for an umbrella policy, trust the team at Lighthouse Agency Inc. in Fairfield, OH. This full-service insurer can help you protect yourself, as well as your house, vehicle, and business. They use their strong relationships with multiple insurers to find the best policies for the right prices. They’re also licensed to operate in Kentucky and Indiana, so they can serve as many clients as possible. Learn more about their insurance services online, or call to (513) 860-9100 schedule a consultation. 

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