Understanding Umbrella Insurance – Part Two: Do I Need Umbrella Insurance?

Think of umbrella insurance as peace of mind insurance. It can protect you if you’re found liable for damages that exceed the liability limits of your personal insurance policies. Scroll through the slides to learn who would benefit from having umbrella insurance. This is part 2 of 6, so stay tuned for more!

Do I need Umbrella Insurance?

Umbrella insurance is a good idea if your assets exceed the liability coverage amount provided by your home or auto insurance policy.

Who benefits from an Umbrella Policy?

Landlords: Umbrella insurance is an excellent way to protect yourself against lawsuits from your tenants, especially if injuries occur in a common area like the lobby or gym.
Pet owners: Some insurance companies won’t offer pet liability coverage for specific dog breeds and exotic pets; therefore, umbrella insurance may be useful.
Homeowners with “attractive nuisances”: Items like swimming pools or trampolines can increase the likelihood of someone getting injured on your property.
Households with teenage drivers: Young drivers have less experience behind the wheel, increasing the likelihood of an accident.

How does Umbrella Insurance Protects Against Lawsuits?

Umbrella insurance is an excellent option for those at increased risk of at-fault accidents on the road or on your property. Paying substantial medical, property replacement, or legal fees can leave a dent in many people’s finances, which can be challenging to recover from. Speak one of Great Lakes Auto Home’s insurance representative to see if umbrella insurance is right for you.