Often when you hear an agent or someone you know talking about their coverage you hear the term “umbrella coverage”. What does this mean? What is umbrella coverage?
Umbrella coverage protects you for liabilities over your other insurance policy limits once they are exhausted. Let’s say your house catches fire and burns your neighbor’s home. Your homeowner’s policy will cover your home but it wont cover your neighbors. If your liability limit is $300,000 but your neighbor’s home was worth $500,000 your umbrella policy can cover that $200,000 difference so you don’t pay out of pocket. Certain things such as owning a pool or having a higher net worth to protect make having an umbrella policy a necessity. How much does an umbrella policy cost? The good news is a million-dollar umbrella insurance policy can usually be had for only a couple hundred dollars per year!
Do you want to know more or get an umbrella policy? Call us today at 512-759-0558 to speak with one of our agents to help you.