At The Good Insurance Group LLC, serving the greater Bloomsburg, PA area, one of the questions we are often asked regarding insurance products is what umbrella insurance is and when an individual or business owner would need to purchase this type of policy. Umbrella insurance can be a great way to protect yourself or your business. Read on to learn more about umbrella insurance and when it may be needed.
What Is an Umbrella Policy?
An umbrella policy is essentially an insurance policy that insures all of your insurance products. The policy provides extra coverage in case a significant event happens and your insurance policy does not provide enough coverage for the incident. For example, if your home went down and flames and the cost to rebuild your home exceeds your home insurance policy, an umbrella policy would cover the difference between what your home insurance pays and what is needed to get your home back to its pre-accident state.
Why Would Someone Need an Umbrella Policy?
Someone will need an umbrella policy if they have assets they want to protect. An umbrella policy is most commonly used if you or your business are sued, and the damages exceed your insurance limits. This helps to ensure you will not be held liable for the costs of defending the lawsuit and a huge payout, helping to protect your assets.
Umbrella Insurance helps provide extra insurance if an event exceeds your policy limits. If you live in or around Bloomsburg, PA, let The Good Insurance Group LLC, sit down with you and explain more of the benefits of an umbrella policy and how it can specifically benefit you. Schedule an appointment with us by giving us a call.
