Getting liability coverage is so important to protect yourself financially. People who own homes and vehicles generally have home and auto insurance policies. Each of these policies has some liability coverage that’s included.
Often, there isn’t much of this coverage. If you were to have a very serious accident, it could cost an enormous amount. If you don’t have enough liability coverage, this can spell financial disaster. Getting an umbrella insurance policy gives you much more of this coverage. When you want more liability coverage, contact us at Wise Insurance Agency in Ft. Wayne, IN about getting this insurance.
Cost-Effective Liability Coverage
It’s possible to add more liability coverage onto your home and auto policies directly to be better covered. The problem with this is that it’s very expensive to do so, and you still may not have much extra coverage. When you get umbrella insurance, it adds to both of those policies at once, and it adds a huge amount of coverage. The very high maximum of these policies will give you peace of mind and protect you well against expensive accidents.
Paying for Accidents
The liability coverage that you already have in your home and auto policies will pay out after an accident to pay for the bills of the other party. These policies can only pay up to their maximum payout, though. After that, there may be an overage left for you to pay. That’s where the umbrella policy steps in. It comes in and pays those overages to protect you financially. The coverage is generally enough to pay for even very serious accidents. You’ll know that you’re well-protected against accidents in your home and with your vehicle.
Get Umbrella Insurance
When you need an umbrella policy, we’re here to help you. Call us at Wise Insurance Agency in Ft. Wayne, IN.
Umbrella insurance is not a requirement for those who live in the Ft. Wayne, IN region, though it is an option many consider to protect them in various avenues of life. Your Wise Insurance Agency representative can further help you determine what types of umbrella insurance to consider.
Why Umbrella Insurance?
Umbrella insurance is designed to work together with policies that you have already procured, and this means that there are available indemnifications for almost every major insurance category.
Your standard indemnification will carry limits to protect you against various covered perils, but when these caps are reached, your umbrella insurance will begin to pay for expenses. These ceilings are typically much higher than your primary policy and can extend into millions of dollars.
If your company does business in a manner that can see lawsuits of exorbitant amounts, for example, an umbrella insurance policy is one way to make sure you won’t be bankrupted by a product or service failure. Another benefit of umbrella insurance is that it will contain other insurance subtypes to cover additional types of hazards.
People who own specialty vehicles, rare, or hard-to-replace cars may opt for a higher coverage value due to the unlikely scenario that regular automobile insurance can completely cover costs.
Likewise, if your home is particularly valuable or you own items that are heirlooms or costly, umbrella insurance may be a good choice. This same principle can also apply to renters insurance, as your personal possessions will be a consideration in the coverage you choose.
Wise Insurance Agency is Here to Help
We can put together a specialized insurance package to meet your every need, and we invite you to speak to one of our trained associates to discuss the particulars of your situation. We serve clients who live in and around the Ft. Wayne, IN area.
You might benefit from umbrella insurance if you are a senior or retiree in Ft. Wayne, IN. This type of insurance gives you an extra layer of protection on top of what you have. It could be especially useful if you have a business, rent your home as an Airbnb, or even have your grandchildren or neighbor’s kids over a lot. If you have a sizable amount of assets, umbrella insurance can also help protect these assets. Wise Insurance Agency provides this guide in navigating this important coverage.
General Scenarios to Consider
Umbrella insurance typically kicks in after other types of coverage have been used up. For instance, if a car accident exhausts your auto coverage limits, umbrella insurance might cover what is left. General scenarios in which your normal coverage limits could be exceeded include an Airbnb guest falling on your property, your neighbor’s child breaking his leg severely on a play set in your yard, or your business getting sued. Wise Insurance Agency can help you figure out if umbrella insurance could be useful for your situation.
Retirement Income Is Not Always Reliable
Unfortunately, retirement income is not always the most predictable. Some seniors are just one or two crises away from not being able to pay their bills. Umbrella insurance could help if unpredictable expenses occur. Home insurance, car insurance, and other types of insurance are critical, of course, but umbrella policies offer more comprehensive protection for not much more money per month than what consumers already pay.
Give Us A Call
Wise Insurance Agency is here to provide you with expert insurance advice in the greater Ft. Wayne, IN community. Get in touch today for information and details on umbrella insurance.
Have you ever heard of umbrella insurance? Have you ever thought about what it covers? Well, umbrella insurance is the extra liability protection that comes to your rescue when your typical coverages are exhausted. Think of umbrella insurance as a safety net that picks over from where your boat, home, or auto insurance leaves off.
Need to learn more about how umbrella insurance protects you? Hang on as Wise Insurance Agency of Ft. Wayne, IN, helps you understand more about this insurance coverage.
What does umbrella insurance cover?
Perhaps, because of its name, “umbrella,” many people think that umbrella insurance covers you against all perils. While umbrella insurance can save you on a rainy day, it’s liability coverage that protects you from liability claims made against you by other people.
Here are the typical areas covered by umbrella insurance:
- Property damage: Assume that you are involved in a severe auto accident. While your auto insurance may help cover damages caused to the other motorist’s vehicle, it can only do so much if the accident was severe involving an expensive car. Thankfully, umbrella insurance kicks in when the coverage limits of your current coverages run out.
- Bodily injury: While home insurance may cover minor injuries to your guests, things can get thick when third parties sustain severe injuries while within your premises. For instance, if a guest falls off your balcony, medical expenses can be extensive. And since your home insurance can’t cover the entire medical costs, umbrella insurance can bail you out.
- Personal liabilities: The beauty of umbrella insurance is that it protects you against personal liabilities like false arrest, libel, and slander that you won’t get coverage from other liability coverages.
Would you like to obtain an extra layer of liability protection in Ft. Wayne, IN and its environs? Please contact Wise Insurance Agency for a competitive umbrella insurance quote.
Insurance Coverage Types
There are many, many types of insurance, but most people only need a few. Auto and homeowners’ insurance are common for the population, but there can be problems with these. They don’t tend to offer much liability coverage for the insured. That’s where umbrella insurance comes in to fill the gap. If you are interested in an umbrella insurance policy, contact us at Wise Insurance Agency in Ft. Wayne, IN to talk to an agent about this coverage.
Auto and Home Liability
An umbrella policy is generally not a stand-alone policy. It is taken out after your home, and auto insurance policies are in place. Because it can be so expensive to raise your liability coverage with those policies, many people go with the bare minimum liability coverage. It may mean lower rates, but it often means that a single accident or calamity can bankrupt a person when they are found at fault and must pay medical bills and other expenses.
Because of the low liability amounts on those policies, many people choose to up their insurance coverage with an umbrella policy. This adds another layer to the liability insurance of both the home and auto policies. Once the home or auto insurance has paid out its maximum amount, the umbrella policy pays out up to its maximum coverage. This gives you many times more liability coverage, and it can protect your financial future should there be a serious occurrence that you are liable for.
Get Your Umbrella Policy
If you’re interested in getting an umbrella policy to boost your liability coverage, call us at Wise Insurance Agency in Ft. Wayne, IN for an appointment to discuss it with an agent.