The term umbrella insurance coverage is used to describe an additional level of cover that can be purchased alongside your policies that protect your home and automobile and even a watercraft. Umbrella insurance policies are generally used in cases that require funds that are more than those held within these policies and where you are deemed to be negligent or responsible for an accident.
The reason for it being called an umbrella policy is that it sits on top of your current level of cover to provide an extra barrier or shield to protect any or all of your assets which is why it can be of benefit to those with a large number of assets or who are at a high risk of being sued.
If you are unfortunate to be accused of negligence or liability for an accident your current policies may not provide enough funds to cover the total costs and when these funds are exhausted your umbrella insurance policies can then be used to provide the required funds.
This type of coverage is generally used in cases of extra liability where you may be held responsible for the loss of earnings, medical bills and therapy of an individual who alleges that you are at fault or responsible for an accident. It can also provide additional funds to pay for your defence for any such lawsuit against you. Umbrella insurance policies can also help to protect you if you are sued for libel, vandalism, invasion of privacy or slander and even if you are falsely arrested.
There are a number of companies who can offer this type of protection but you may find it profitable to approach your current providers first to see if you can save money by taking this along with your current policies.
Umbrella insurance coverage is no longer just a requirement for the wealthy as we all become at risk of proceedings due to the increasing number of lawsuits that are being filed year after year.
Umbrella insurance policies are available to combine several sorts of policies under one major policy. You can learn more regarding how the coverage and rates are determined by visiting the website at http://www.umbrellainsuranceinfo.com/umbrella-coverage.htm now.
Source: http://blog.yankeeins.com/2011/06/11/should-you-buy-an-umbrella-insurance-coverage-policy/
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