Extra liability coverage or umbrella insurance is often confused by many insurance holders. Most people claim it is for the wealthy or for companies with huge assets. This common misinterpretation often happens due to the fact that umbrella insurance is "additional coverage." There is also a report that another reason is that it can only be used where the primary home, auto or watercraft insurance is depleted. At EasTex Insurance in Tyler, TX, we help clear the air and answer the title question, "who is it for?"
Who can benefit from umbrella insurance?
The simple answer to this question is "everyone." In fact, umbrella insurance is as vital as any other basic policy. Accidents and lawsuits happen every day, and sometimes we cannot control how much compensation fees we may cough out. If your basic insurance policy is depleted, umbrella insurance can help sort out the rest.
How can umbrella insurance save me?
There are so many instances when umbrella insurance may be of help. For example, if you were involved in an accident where you hit an expensive car and you happen to be at fault, your basic car insurance may not be sufficient to cover for the whole amount being requested. This is where umbrella insurance will come in and clear the rest.
How does umbrella insurance work?
Umbrella insurance is an additional policy to the standard policies that help pay damage, legal fees, medical bills compensation in case a policy is rendered inadequate to cater for the liability costs. Remember, all standard policies have limits.
Umbrella insurance is an essential policy, like any other basic policy. It helps you manage your finances in case of a disaster. To learn more about umbrella insurance, visit EasTex Insurance in Tyler, TX today.