The Importance of an Umbrella Policy | - Wholesale Insurance

When it comes to auto and homeowner?s insurance, there are several details the average policy holder ignores. For instance, most people believe that the simple fact of having these two policies will completely protect them against any unexpected liability.

The truth is that every liability coverage has its limit: some are high enough to provide fair protection, while others are considerably lower and may hold the insured responsible for liability exceeding the amount established in their policy.

Umbrella policies are useful in the event of a lawsuit or liability judgment, especially when the auto or home liability coverage does not cover it, or the limits have been reached. These policies can be made to protect the insured against claims due to damage or injury occurred in their home and/or claims due to damage or injury caused to a third person or its property. Umbrella policies can also cover legal and defense fees.

Usually, the liability coverage for an umbrella policy is about $1 million, with premiums averaging a couple of hundred a year. It is recommendable to shop for umbrella policies online in order to compare prices from one insurance company to another. Bundling services is also advised as they often come with discounts.

At RSI, a managing general agency, we offer umbrella policies and all type of insurance your insured needs. Visit our website or contact us to find out more about our products and services.

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Source: http://blog.rsimo.com/2012/08/the-importance-of-an-umbrella-policy/

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