Plymouth Insurance Agent | What Is An Umbrella Policy?
EnviZion insurance, who is your Plymouth insurance agent is always on the lookout for different types of policies that can add extra protection for you and places that you may be limited at the current time. What are the best ways that we can provide extra liability coverage for many of our customers is through the use of an umbrella policy.
An umbrella policy is something that you can really visualize as an umbrella. You can think of it as an extra layer of liability coverage that goes over the top of all your other types of insurance, including auto, home boat, any other toys you may have like ATVs and things like that. And what it does is it usually adds up to a million or 5 million or whatever amount you’re looking for of additional liability coverage over the top of what your current coverage for each of your individual policies that we just listed off would necessarily have. Now to kind of break that down. What that means is say you have a claim on your auto insurance and it surpasses the amount of liability coverage that you have in place for your auto policy. The umbrella would then go above and beyond the liability coverage on that Otto and help to protect you further from any expenses that would otherwise be paid straight out of your pocket if you didn’t have that additional liability coverage in place. With that being said, your Plymouth insurance agent and vision insurance is always, like we said, on the lookout for different ways to protect people and so with an umbrella policy, it’s a very wide range of people that can use these policies to get that extra level of liability coverage so that they’re not in a place where a liability claim becomes something they have to pay out of their pocket. And those liability claims can easily be in the tens of thousand dollars if not more.
So let’s take a second to break down. Who needs an umbrella policy? Most people that we recommend the policies to have at least two types of insurance, a being an auto policy and a home policy or an auto policy and a renter’s policy, and then obviously anyone that has over two policies. However, someone that just has one type of policy, just like an auto can definitely get an umbrella policy. However, when you have an umbrella policy, when you already have multiple other lines of insurance, like we said, home, auto, maybe a boat, it becomes more and more powerful of an investment for you for that extra level of liability coverage that an umbrella provides. Overall, it’s really up to the person if they want an umbrella policy, if they have less than one line of insurance, but we recommend it for anyone that is looking for that extra level of liability coverage, especially because many of the umbrella policies tend to be very cheap compared to other types of insurance. Since it’s just liability coverage. Usually you’re looking at only a couple hundred dollars a year investment in order to get that extra level of protection that could save you tens of thousands of dollars if not hundreds of thousands of dollars depending on the type of claim that you may see being your Plymouth insurance agent means that we always want to make sure you understand what each type of insurance is and also how it affects you. So the question we’ll ask next is why is it smart to have an umbrella policy?
Your plymouth insurance agent knows one of the main reasons would be if you’re ever in a position where you have a claim that exceeds any of the liability coverage on your policy, such as a home policy and auto policy or any other policy that’s for a toy like a boat or an ATV and your limits are exceeded on that one claim. If you do not have additional coverage through an umbrella policy, you are going to be paying those expenses out of pocket. So for anyone that is looking to protect themselves. Um, a lot of times, many people that earn higher levels of income and umbrella policy is very effective for because it protects their assets and protects their income. If you know you have a claim and the liability coverage is beyond what you have and you don’t have something like an umbrella policy, you can have your wages garnished, you can have assets taken away from you to pay the difference in the liability claim. So having that extra million dollars of coverage for only a few hundred dollars a month is a very smart move for the majority of people with insurance in general.
On the other side of the coin, like we kind of talked about earlier is the price because it’s only a few hundred dollars a year, it’s something that you can very much take advantage of for little investment and end up seeing huge coverage for in the long run if you are to face a claim with liability that exceeds what your policies have. So overall, your plymouth insurance agent thinks that anyone who has insurance should look into an umbrella policy to see if it fits their situation, especially if you own a home and have other policies in place such as boats, ATVs, and that sort of as well the more property and casualty types of policies you have, which are those homes and autos and things like that, the more you should look into it and the more I would recommend an umbrella policy because it just gives you that extra layer of protection that will pay itself many times over if you’re ever to have a claim where you need to utilize this policy.
EnviZion Insurance is your plymouth insurance agent who is always looking out for you, and trying to find you coverage where you need it most. So many times people do not even know coverage is out there that is very worthwhile, such as an umbrella policy. The get in touch with your plymouth insurance agent feel free to call us at 612-354-6496, and a licensed agent can help you learn more.