Do You Need Umbrella Insurance If You Own a Condominium?

For condominium owners in Falcon, CO, one question to consider is whether you should have umbrella insurance. Pikes Peak Insurance Agency can help you navigate the information about the benefits of umbrella insurance.

Understanding Umbrella Insurance

The term "umbrella" is fitting for this insurance as, like an umbrella provides protection, so does an umbrella policy. When you have umbrella insurance, you have added a layer of coverage that goes above and beyond your standard homeowner insurance or auto insurance. Before you can purchase umbrella insurance, you must already have other liability insurance in place.

While umbrella insurance covers many situations, there are risks, such as criminal activities, intentional acts, injuries to yourself, damage to your property, and more. Our agents will gladly discuss with you the benefits of having an umbrella policy and whether it’s something you need to invest in.

Benefits of Umbrella Insurance

Additional coverage is especially important in the event of a lawsuit that threatens your assets. A situation may occur, involving damages or resulting in a substantial liability claim being filed against you that could exhaust the limits of your current standard coverage. This is when an umbrella policy comes into play. The policy will cover those costs that have exceeded your homeowner’s or auto insurance coverage.

An umbrella insurance policy is especially important for condo owners who have substantial assets. Owners whose assets are not extensive may not need the extra coverage provided by an umbrella policy.

Contact Pikes Peak Insurance Agency

Our Pikes Peak Insurance Agency agents are ready to answer questions about umbrella insurance for Falcon, CO, condo owners. Contact us and let us discuss if this extra coverage is right for you.