A policy for insurance can come in various shapes and forms; therefore, you need to take a financial audit before you make a decision for a specific coverage. One of the insurance plans that offers extended protection is a policy that is known as a personal umbrella plan.
How Umbrella Coverage Works
To better understand how umbrella insurance in Quincy, MA works, you have to define it. This type of coverage kicks in, so to speak when the underlying limits of other insurance policies are reached. These other plans usually include your homeowner’s insurance or auto insurance policies.
For example, if you hit someone while driving and he or she is injured, your regular auto insurance may cover the other driver up to a limit of, say, $200,000. However, if the other driver sustains severe injuries, you may be liable legally for more than that amount. If the other driver sues you, you could be liable for as much as $1 million or more, especially if the injured party includes loss of earnings in his or her listing of damages.
Keeping Your Assets Protected
If you are covered by a personal umbrella insurance policy, the coverage will cover the costs that your standard insurance could not. Therefore, an umbrella plan can easily protect your home, assets, and bank account.
That is why umbrella insurance policies are usually featured in million-dollar increments. These increments usually are for $1 million, $2 million, etc. – up to $5 million in coverage. While umbrella plan is not required insurance, it does provide a homeowner or auto owner with the additional protection he or she needs in case they have to pay costs in the form of bodily injury, property damage, or personal injury liability.
Who to Speak to about Adding Coverage
If you believe you need to establish umbrella coverage, speak to a business, such as Dailey Tax & Insurance, Inc. for further details. See how you can benefit by adding umbrella plan to your current insurance portfolio.
