Has someone suggested you get umbrella insurance, but you’re not sure how it works? Umbrella insurance can be essential in liability cases that would otherwise cost you all your assets and savings. Here’s what you need to know about this protection that can supplement your home, auto, and boat policies for extra peace of mind.

Umbrella Insurance: What Is It and How Does It Work?

This type of insurance was created to be activated when other types of insurance have reached their claim payout caps. For example, your home insurance likely offers you a certain amount of liability coverage. But if someone slips and falls on your property, successfully suing you for expensive medical care, your home insurance may fall short. You would be required to pay the difference out of your own pocket, which most folks cannot afford.

Umbrella insurance kicks in when your home, auto, or boat insurance has hit its limit, keeping you from financial disaster. We have policies that can cover you for a million dollars or more. It protects everyone in your household, including minors. And it covers you when you’re away from home, such as when you’re on vacation and get in a serious accident.

Is Umbrella Insurance Something You Need?

Many people feel more assured by having umbrella insurance based on how lawsuit-happy our culture seems today. If you are a high-net-worth individual who might become a target for lawsuits, this certainly makes sense.

You may also want umbrella insurance if you are likely to face liability problems with your property or lifestyle, such as:

• You own dogs, especially breeds considered to be more aggressive.
• You have a trampoline, hot tub, or swimming pool.
• You’re a public figure or local celebrity.
• You entertain frequently, particularly if you serve alcohol.
• You have teens in the household (even more so if they drive).
• You employ household or yard workers.
• You use homeshare apps like Airbnb to rent out part of your property.

Still not sure if you’re at risk of a liability lawsuit? Know that falls are the second leading cause of brain and spinal cord injuries. And falls are often caused by something as simple as slippery floors or loose flooring materials.

It only takes a moment to see a lifetime of hard work and saving go down the drain. To learn more about umbrella insurance coverage, reach out to Hometown Insurance Agency at 918-221-7686 today, or start a quote with ease online.