Have you ever wondered what may happen if you are in an accident where you are found at fault and do not have enough insurance protection to cover all the damages? Well, if this happens, you would be financially responsible for covering what the insurance company does not. Because insurance policies do not cover everything, many in Quinlan, TX, are purchasing umbrella insurance policies. Would you please continue reading to learn more about umbrella insurance and then call our offices at Slaughter Insurance Agency to learn more about the policies we offer?
What is Umbrella Insurance?
Umbrella insurance is an add-on policy option that offers additional liability coverage if you have to pay for costs beyond the limits of your base insurance policies. Essentially it closes the gap between what you are liable for and the insurance company payout.
How Does Umbrella Insurance Work?
Before purchasing an umbrella insurance policy, you must first have existing basic liability coverage, such as homeowners, renters, auto, and boat insurance. After that, your umbrella insurance policy is based on the specified liability limit of your primary plan and goes above and beyond that to help you meet additional financial obligations.
What is Covered by Umbrella Insurance?
Most umbrella insurance policies provide additional protection against the following:
- When you or your family are found liable for personal injury to another.
- When you or your family are found responsible for damage to another’s private property.
- Pays for settlements from defamation claims against you or a member of your household.
- Pays personal injury attorney fees if you are held liable for paying the amount for another person’s claim against you.
- Pays for additional damage caused by your teenage driver’s accident where they injured multiple people.
Are you ready to purchase an umbrella insurance policy in Quinlan, TX? Call the agents at Slaughter Insurance Agency to discuss options and learn how an umbrella insurance policy can protect you and your family.
