Many people, including Texas residents, believe that umbrella insurance is for the wealthy. But that’s not entirely true. According to Nest Insurance Agency located in Amarillo, TX, umbrella insurance is appropriate for anyone as long as they earn a livelihood. Still not convinced? Please keep scrolling to establish why you need umbrella insurance.
Why you need umbrella insurance
Umbrella insurance can save the day when a significant incident occurs. Let’s take this example. Assuming you are involved in a severe vehicular accident, causing significant injuries to the other driver. Their medical costs rise to the tune of, let’s say, $300,000, but your liability coverage is up to $250,000. What happens to the extra $50,000? You may have to folk out from your pockets if you don’t have umbrella insurance.
Other instances you may find yourself requiring umbrella insurance include when:
- Your dog bites someone
- Involved in a major boat accident
- You drive your car into a building
- You accidentally injure someone
- Sued for libel and other lawsuits not covered by your auto or home insurance
While having liability coverage is essential, the coverage only stretches as far as the policy limit. When these limits run out, that’s where umbrella coverage kicks in.
What isn’t covered with umbrella insurance?
Typically, your umbrella insurance comes into play when your typical liability coverages dry out. As such, umbrella insurance won’t cover liabilities that your typical coverages should cover. Other incidences that umbrella insurance won’t help include:
- Business losses
- Own damage to personal items
- Intentional criminal acts
- Oral / non-written contracts
With many insurance types to keep tabs on, you need an agency that relieves you the insurance headache as you concentrate on other facets of life. At Nest Insurance Agency, located in Amarillo, TX, we handle all your insurance needs as you go about with life. And if you need umbrella insurance in Texas, we are here to help. Contact us today.
