If you’re like most people, you have insurance to protect your home in Falcon, CO. But what happens if you’re sued for something that doesn’t involve either of those? Is your current policy enough to protect you? Most times, the answer is no. That’s where umbrella insurance comes into the picture.
What is an Umbrella Policy?
An umbrella policy is an insurance policy that provides additional liability protection if you’re sued for more than your current coverage allows. It can help you protect your assets and your future earnings. The policy can also cover you for certain things that aren’t covered by your other policies, like defamation or slander. A Pikes Peak Insurance Agency can help determine if this coverage is right for you.
Why Do You Need an Umbrella Policy?
You might think that you don’t need an umbrella policy because you don’t have any assets to protect, or you don’t believe you’re at risk of being sued. But that’s not always the case. Here are a few situations where you might need an umbrella policy:
You have a lot of assets. If you have a lot of assets, you’re more likely to be sued for a larger amount of money. An umbrella policy can help protect your assets if you’re sued.
You have a pool, trampoline, or other recreational items. These are fun for the entire family and visitors. But they’re also more likely to cause injuries. If someone is injured on your property, you could be held liable. An umbrella policy can help protect you if you’re sued.
You have young children. If you have young children, they may be more likely to be involved in an accident. Extra coverage can help protect your assets.
Learn more about your policy options at Pikes Peak Insurance Agency in Falcon, CO. We’re here to help you find the right coverage for your needs. Give us a call today.
Umbrella insurance is a great insurance option to get coverage for all types of liabilities you may encounter. While you can get liability insurance included in many different types of insurance, such as car insurance and commercial insurance, umbrella insurance usually offers much larger coverage for many different situations.
Pikes Peak Insurance Agency in Falcon, CO very proudly offers umbrella insurance. We also strive to find the best price for everyone, and we work with different providers to achieve this. We service customers in the states of Arizona and Colorado.
What situations require umbrella insurance
Umbrella insurance is usually required in situations where the word "liability" fits in. Some examples of these situations include:
- Someone visits your home and goes through bodily harm because of an accident within your house or garden. You could be liable to cover any medical costs or, in worse cases, you could be sued.
- You might be liable if your pet hurts someone who visits your home, or in some cases, if your pet hurts another person outside.
- In some cases, you could be liable if you go into someone else’s home and break one of their valuable items. While most of the time the owner of these items will have insured these items themselves, or it comes included in their home insurance, never assume that the replacement costs are automatically covered.
- Underage members of your household cause harm to a visitor in your home. You are not only liable if you hurt someone in your household, but if your children are involved in an incident, this could make you liable too.
Pikes Peak Insurance Agency in Falcon, CO can help advise you on umbrella insurance and walk you through the different quotes offered. Call our office today or request a quote online.
Excess liability insurance is an extra layer of liability insurance that bolsters up liability coverage you already have on a policy you carry. For example, auto insurance may have 250,000 in liability coverage, but an excess liability policy can bring that up to 1 million or more. At Pikes Peak Insurance Agency in CO, we are a family-owned independent insurance agency serving the local community since 2005. We believe in finding the best coverage for our customers at a great price.
Umbrella insurance is excess liability coverage. It can benefit anyone who has any assets. When you have assets, they are always at risk in the event of a judgment against you. That is why you have liability insurance on your home, auto, business, and more. When someone is injured by you or by a member of your family, they may opt to sue you. Depending on the severity of the injury and the size of the judgment, this can be a costly situation. You will also have legal fees that need to be paid.
Most liability insurance that comes with your policy can be adequate if you have limited assets. But, many people have some accumulated wealth. It can be in a home you own, personal possessions you have acquired, or savings you are putting aside for your future. All of these could be at risk if you get sued. This is where the umbrella coverage steps in and adds a layer of protection to your assets. Umbrella coverage usually begins at about a million dollars but can be as high as five million. Basically speaking, if you have any assets, you can benefit from umbrella insurance.
Contact Pikes Peak Insurance Agency in CO for more information about umbrella insurance and how it can benefit you.