Umbrella insurance may be a commonly overlooked policy, but it is one of the essential policies that keep various facets of your life covered. This insurance provides numerous benefits for policyholders, from helping you take care of liability claims to paying 3rd party medical expenses when your primary policies are exhausted. Bishop Insurance Brokers Inc. wants you to understand your umbrella insurance.
If you cause an accident that results in extensive 3rd party property damage and your Home Owners and/or Auto insurance gets exhausted, umbrella insurance will kick in to pay for the costs. This includes any repairs to property such as buildings and replacements for other parties' property or vehicles. If your visitor's possessions also get damaged when visiting your home, property damage liability coverage will help you pay for the expenses.
Umbrella insurance will also help you take care of 3rd party bodily harm when coverage such as Auto, Home, or Boat insurance becomes exhausted. These include instances that could result from auto accidents, pet bites, or when one of your guest trips or falls in your home. It will ensure that other parties' medical costs are paid.
If you have rental units and your tenants or other visitors get hurt due to faulty structures, umbrella insurance will cover damages arising from such incidents. These can include injuries or lawsuit expenses.
Some claims may not be covered by primary policies, leading to out-of-pocket expenses when faced with such emergencies. Umbrella insurance covers these damages, with examples being slander, libel, and malicious prosecution. If you are also sued for false arrest, imprisonment, or mental anguish, umbrella coverage will pay your legal fees while covering the damages awarded for your claims.
To learn more about umbrella insurance and what to expect from your policy, consider reaching out to Bishop Insurance Brokers Inc. today. Our policies are customized to keep Mississippi, Louisiana, and Alabama policyholders protected all year round.
