If you do not have an umbrella insurance policy, you should consider if you need one or not. This article from Forbes does a nice job of explaining what it is, how it works, and what types of things it does and does not cover. Enjoy the article and give me a call with questions or for any of your real estate needs.
Tim Houterloot - Broker/Realtor
317-997-0165 - Cell
indyhomepro@outlook.com
Source: Forbes | Repost Houterloot 6/14/2023 -
Liability insurance protects you and your family’s finances when you cause major disasters, such as a lawsuit against you over a large car accident. For example, if you crash into someone else, liability car insurance pays for their medical bills, their property damage, and your legal defense costs—but only up to your liability insurance policy limits.
But what if these costs exceed the liability coverage in your auto or homeowners insurance policy? That’s where you need umbrella insurance.
What Is Umbrella Insurance?
Umbrella insurance provides “excess liability insurance” (simply meaning additional coverage) beyond the liability insurance already in your auto, homeowners and/or watercraft insurance policies. It’s for expensive situations where medical bills and/or repairs exceed your “base” auto, home or boat policies. You can think of it as asset protection because it can prevent you from losing your assets in order to pay for a lawsuit against you.
Read the full article...
