If you have a home policy as well as personal liability coverage, you may wonder if an umbrella policy is a good fit for your insurance portfolio. Clients in the greater Austin, TX area with a large net worth are not the only people who can benefit from adding an umbrella policy to their current coverage. The team at The Policy Source is here to answer all of your questions and help you determine if this type of coverage makes sense for you and your family.
Situations where a personal umbrella policy makes sense
Every policy, whether homeowners or auto or anything in between, includes coverage limits. This is the absolute maximum that your insurance provider will pay out. Clients who have a high level of assets, or are at risk of liability exposure, often find that an umbrella policy can provide the peace of mind that they need. Consider a situation where someone is injured or suffers another type of mishap on your property and brings judgment against you. Such a situation can cause a lot of emotional and financial stress on you and your family. Such an instance would likely exhaust the maximum payout of a typical homeowner policy and you would be responsible for any amount not covered by your insurance. With a personal umbrella policy, you will have additional coverage that can cover the excess amount that is part of a legal case. Don’t leave your family’s assets unprotected!i
Interested in learning more about how an umbrella insurance policy can help protect you and your family? Contact the team at The Policy Source today and find out more about this effective instrument to provide coverage in the greater Austin, TX metropolitan area.