Umbrella insurance is an option Quinlan, TX residents might want to consider for added protection and peace of mind.
Here’s what you need to know about umbrella insurance and how the Slaughter Insurance Agency team can help you.
What is Umbrella Insurance?
Umbrella insurance is also referred to as excess liability insurance. This kind of insurance is an add-on to liability insurance and covers losses that are not covered by other insurance policies, including homeowner’s, auto, and boat/watercraft insurance. If an accident occurs, umbrella insurance can be a method of fail-safe coverage.
How Does Umbrella Insurance Work?
Umbrella insurance is not a stand-alone policy, meaning you can only obtain umbrella insurance if you currently have an insurance policy, such as auto, homeowner’s, or another type of insurance policy. One of the perks of attaining an umbrella insurance policy is that it pays the difference between the amount of what your primary insurance covers and the amount you still owe.
What Does Umbrella Insurance Cover?
An umbrella insurance policy covers the policyholder and other family members or members of the household against lawsuits that involve property damage, personal injury to others, and other claims that are dependent upon your policy. This kind of insurance covers:
- Personal legal defense costs
- Personal attacks and character defamation
- Bodily injury liability
- Property damage and injuries sustained by tenants at a rental property
- Property damage liability
Is There Anything Umbrella Insurance Does Not Cover?
There are different instances when an umbrella insurance policy would not cover a specific situation. Umbrella insurance policies do not cover:
- Personal property
- Contracts
- Criminal or intentional actions
- Business losses
Contact Us Today
Slaughter Insurance Agency in Quinlan, TX is here to help you with your insurance needs, including umbrella insurance. Contact us today to learn more about our insurance services. We look forward to speaking with you!
