There are a variety of types of insurance that are helpful in different situations. The main types that most people have heard of are health insurance, auto insurance, home insurance, and life insurance. One type of insurance that you may not know about is umbrella insurance. What is umbrella insurance, and who would benefit most from it?
Umbrella insurance is an extra form of liability insurance. Before buying umbrella insurance, you first need to have a base auto or home insurance policy. Umbrella insurance takes effect after the limit on your base insurance has been reached. It can get very costly if you get sued or have lots of damage and medical costs from injuring another person or someone else's property. The costs can easily exceed your base insurance policy. This is where umbrella insurance can be helpful. If you have umbrella insurance, you don't have to dig through your savings and possibly go broke.
An umbrella policy is not suitable for everyone. Someone with a high net worth is a higher target for lawsuits, so that they would benefit from an umbrella insurance policy. You might benefit from liability umbrella insurance if you own expensive or dangerous items, such as a high-end boat, a swimming pool, or a trampoline. If someone gets hurt in a swimming pool or a trampoline, they could file a lawsuit. If the costs are greater than your home insurance coverage, umbrella insurance will help cover the rest of the related expenses.
Umbrella insurance is another type of liability insurance that can help cover you if something happens due to your actions or on your property. If you are looking to get umbrella insurance in the state of Georgia, contact us for more information at Hawkins Insurance Agency in Kennesaw, GA.
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