What Really Is Umbrella Insurance?

Insurance policies can often raise questions, and one such policy is umbrella insurance. EasTex Insurance is committed to unraveling the mystery behind this key coverage for residents of the greater Tyler, TX, area.

What is Umbrella Insurance?

Umbrella insurance provides an additional layer of protection beyond the limits of your basic insurance policies. It offers additional liability coverage to secure you from significant financial losses if you’re involved in a lawsuit or claim.

The Coverage Extent of Umbrella Insurance

Umbrella insurance kicks in when the liability coverage of your standard policies is maxed out. For instance, if you’re deemed accountable for an accident and the damages exceed your auto insurance’s liability limits, your umbrella insurance steps in to cover the remaining costs up to its policy limits.

The Versatility of Coverage

Umbrella insurance does not limit itself to car accidents; it extends to various circumstances, including personal injury claims, property damage liabilities, and even lawsuits arising from incidents on your property.

Who Should Consider Umbrella Insurance?

While all individuals can benefit from the added shield that umbrella insurance offers, it’s particularly advantageous for people with considerable assets to guard or those with a higher risk of lawsuits, such as landlords, business owners, or high net-worth individuals.

Peace of Mind

One of the most significant advantages of umbrella insurance is the peace of mind it provides. Having that extra layer of financial protection in case of unforeseen incidents can alleviate stress and worry.

Umbrella insurance can be a valuable safeguard for residents of the greater Tyler, TX area, extending liability coverage beyond basic policies. If you’re exploring how umbrella insurance can protect your assets, contact EasTex Insurance today.

Shop Smart, Insure Smarter: Tips for Purchasing the Right Umbrella Insurance Policy

EasTex Insurance is your go-to agency in Tyler, TX, committed to safeguarding your assets and ensuring peace of mind. Today, we’re shining a light on the often-overlooked umbrella insurance and offering tips to help you make an intelligent purchase decision. Living in the vibrant community of Tyler, unforeseen events can disrupt the tranquility of our lives. An umbrella policy, extending beyond your existing coverage, provides an extra layer of protection for your home, vehicles, and other valuable possessions. Here’s more information about choosing the right policy.

Here are vital tips for purchasing the right umbrella insurance policy:

  1. Asset Evaluation: Take stock of your home, vehicles, and valuables to determine your needed coverage amount. EasTex Insurance in Tyler, TX, can assist in assessing the value of what matters most to you and what you are trying to protect the most.

  2. Liability Risks: Consider potential risks such as car accidents or property incidents. As a general rule of thumb, the more liability risks you have, the more coverage you may need. An umbrella policy from EasTex Insurance provides additional liability coverage, protecting your finances in case of a lawsuit.

  3. Coverage Limits: Our team in Tyler, TX, will guide you through coverage limits, tailoring a policy to meet your unique needs. This helps to ensure you’re not exposed to unnecessary risks and are as protected as possible.

Now is the time to act and fortify your insurance portfolio. EasTex Insurance, proudly serving the greater Tyler, TX area, is here to guide you through the process. Call us today to learn more about purchasing the right umbrella insurance policy for your needs. Insure smarter with EasTex Insurance, where protection meets peace of mind.

Umbrella Insurance: Bridging the Gaps in Coverage

Insurance is a necessary safety net for most people in Tyler, TX. However, EasTex Insurance has found that many people misunderstand the limitations of their coverage and are unaware of the gaps in their policies. This is where umbrella insurance comes in.

Primary policies, such as auto or homeowner’s insurance, cover the risks associated with the insured asset, such as car accidents or home damage. These policies have a limit or “maximum payout,” the maximum amount the policy will pay for a claim. The policyholder is responsible for the remaining costs if the damages exceed the policy’s limit. 

On the other hand, Umbrella insurance is designed to provide additional liability coverage on top of primary policies. It provides more comprehensive protection, covering most situations not covered by prior policies. Umbrella insurance also covers more significant claims and provides higher limits than primary policies. In short, umbrella insurance is an additional layer of coverage that can save you from financial disaster in case of a lawsuit or other catastrophic loss.

Another essential aspect of umbrella insurance is that it can cover legal expenses, such as attorney fees, court costs, and settlements. These costs can add up quickly if litigation lasts months or years. With umbrella insurance, you can rest assured that you’ll have the resources to defend yourself in court and fight against a potentially devastating loss.

When deciding whether to purchase umbrella insurance, it’s essential to consider your personal risk factors, such as your assets, occupation, and hobbies. For example, if you own rental property or have a high net worth, you may be at higher risk for lawsuits than the average person. EasTex Insurance proudly serves the Tyler, TX area. Contact us today to get the financial protection you need.

Should I always get an umbrella insurance plan in Texas?

Liability risk is something that all people in the Tyler, TX area should take seriously and protect against as well as they can. One way anyone can offset and protect this risk is by getting an umbrella insurance plan, which offers broad support for policyholders. There are various reasons that you should always have this type of coverage in place when you live here. 

Receive Support for Large Claims

Most people in this area of Texas will have some liability coverage through home and auto insurance plans. However, these policies have limits, and major claims that come with bad accidents may not be covered all the way. In these situations, umbrella coverage is quite helpful as it offers additional support for your existing policies. 

Protect Against Unforeseen Situations

Another critical reason to have an umbrella insurance plan is to ensure you can protect yourself against unforeseen situations and risks. While some liability risks can be mitigated with home, auto, or other forms of insurance, others are harder to predict. When you want to improve your total personal liability risk mitigation efforts, umbrella insurance is an excellent way to do it. This broad coverage can offer blanket coverage against many more potential risks. 

An umbrella insurance plan is important for anyone in the Tyler, TX area. If you are shopping for any insurance here, it would be helpful to call the team with EasTex Insurance. There are always a lot of important choices to make when you are looking for this coverage, and EasTex Insurance will help you evaluate your insurance options and build a plan that will meet your needs and reduce your liability risks. 

How Commercial Umbrella Insurance Can Help With Professional Liability

If you run a professional practice in Tyler, TX, you may already have a professional liability cover. While this covers you for most eventualities, the reality is that it may not always be enough. While professional liability coverage can adequately cover most claims, there can be moments in your practice when claims can exceed your professional liability. When this happens, you could plunge into a financial crisis as you may have to pay the difference out of pocket. This can lead to severe losses for your practice and, in some cases, even bankruptcy. 

If you are a practitioner such as a physician, software consultant, accountant, or stockbroker, you need not worry about excess professional liability. The good news is that commercial umbrella insurance will protect you from such an eventuality. 

How Commercial Umbrella Insurance Can Protect Your Business

Commercial umbrella insurance kicks in at the limit of your professional liability cover. It picks up the excess if a claim is more than your liability coverage. This protects your personal finances and also the financial health of your practice. However, you will need to find the right commercial umbrella insurance cover depending on the type of practice you run and your unique professional liability risks.

Get Top-notch Commercial Umbrella Insurance From EasTex Insurance Associates Inc.

Umbrella insurance coverage differs across various insurance companies. To find the right commercial umbrella insurance for your business, come to EasTex Insurance Associates Inc. We are an insurance agency that serves clients in Tyler, TX, and its surrounding area. Our friendly and professional insurance experts will match you with the right commercial insurance provider. This ensures that you effectively manage any professional liability risks. Additionally, it gives you complete peace of mind that your business is safe in case of any eventuality regarding professional liability. Get in touch with us today for more information about commercial umbrella insurance for your business.

Questions to ask when purchasing umbrella insurance

Whether it’s your first time or your fifth time buying insurance in Tyler, TX, there will always be that one question whose answer you can’t find. The questions can triple, especially if you‘re looking to buy umbrella insurance for the first time. At EasTex Insurance, we recommend researching policy details and checking different insurance companies to determine which one is right for you. In this article, we will respond to some of the most commonly asked questions.

How much umbrella insurance do I need?

The amount of umbrella insurance to buy heavily depends on your needs. You can start by estimating the value of your assets, including your home, savings, cars, and investments. Check the limits of the existing liability coverage. If the value of your assets exceeds the current liability coverage limits, you should consider topping up with umbrella insurance.

Do renters need umbrella insurance?

Yes. People who live in rented spaces can also benefit from umbrella insurance. If you often have visitors in your Tyler, TX home, your renter’s insurance may not always be adequate to cover for injuries that your guests may sustain while at your house. Umbrella insurance can help pay the rest.

Does umbrella insurance cover my business?

Yes. If you are looking to add an extra layer of protection to your business, you can buy commercial umbrella insurance. Note that you need general liability, professional liability, commercial auto liability coverage, and other policies to act as the primary policies when buying umbrella insurance.

Can I be sued beyond the limits of my umbrella insurance?

Unfortunately, yes. That’s why it’s prudent to reach the maximum limit in your umbrella insurance policy.  If your umbrella policy has a limit of $1.5 million, a court can award damages in excess of that amount. Luckily, many insurance providers offer limits as high as $5 million.

For more information about umbrella insurance, contact EasTex Insurance today!

Protect your business with umbrella insurance

Business owners in the greater Tyler, TX area can rely on EasTex Insurance for all of their commercial insurance needs. If you have found that your coverage levels have outgrown your primary policy, it may be time to take a look at umbrella insurance. Building a business takes a lot of hard work, and it makes sense to protect your time and effort!

Main benefits of umbrella insurance

Typically, commercial insurance policies have coverage limits and once they are exhausted, the policyholder can become responsible for any excess loss due to a covered event. When you have a commercial umbrella policy in place, that coverage will kick in when the primary policy is exhausted.

This type of coverage is well-suited for businesses that operate in highly litigious areas, such as those susceptible to slip and fall suits, or who carry a lot of inventory or equipment. This additional coverage can make a difference between having the coverage you need or having to have your business absorb the costs. 

However, the main benefit of an umbrella insurance policy is the complete protection that it provides. You can rest easy knowing that your hard work is protected, even if you exceed your primary policy limits. Today is a great time to discuss your complete insurance needs with your local agent.

Learn more about umbrella insurance today

The EasTex Insurance team is here to answer all of your questions pertaining to umbrella insurance and the protection it provides businesses. If you’d like to learn more about how this type of policy can help protect your Tyler, TX area business call or stop by today!

Umbrella Insurance: The Insurance that Covers Life’s Rainy Day Surprises

Just like an umbrella protects you from the rain, umbrella insurance protects you from life’s rainy day surprises. In Tyler, TX the place to go to learn about umbrella insurance is your friends at EasTex Insurance.  With decades of experience to their name, there is not a lot they have not seen happen in the lives of their clients. That’s why their clients are happy they purchased umbrella insurance for those unexpected times. 

What it Covers

Umbrella insurance covers the gaps in other insurance policies. It is mostly meant for covering your physical assets such as homes, cars, boats, and other properties as well as monetary properties such as gold, silver, bitcoin, and other hard assets.

Is it Required?

No. Umbrella insurance is not required insurance in the state of Texas. It is just optional insurance that can help you fill the deficiencies of your overall asset protection by covering what the others don’t and adding to your total coverage amount. 

Depending upon how much gap insurance you need, your friendly agent at EasTex Insurance can help you decide how much asset protection you are lacking. By taking a look at other policies you may have in place, they can estimate how much you lack to cover other unexpected losses from fire, theft, acts of nature, and more.

Let’s face it: Life is unpredictable. The time to buy insurance is before you suffer a loss. That’s where your insurance experts can help. Knowing what you need to protect and how much you have in your budget to spend can help them help you make the best decisions.

In Tyler, TX your insurance pros can be found at EasTex Insurance. Umbrella insurance is there when you need it, to cover life’s rainy day surprises so that your tomorrows will bring sunshine. 

Do business owners need umbrella insurance?

Business owners have so many things to worry about, which forces them to buy several insurance policies to protect their hard-earned investments. Every business, big or small, may require some good amount of general liability, workers’ compensation, professional liability, and many other commercial insurance policies. But there is one critical policy many forget—umbrella insurance. If you are looking to add some extra liability coverage to your business in Tyler, TX, here is how you will benefit.

Umbrella insurance is extra coverage.

If your business involves having clients walking in and out of the building, you may want to consider having extra liability coverage if things go wrong. For instance, if you run a bar and restaurant, it’s common for customers to drink, cause chaos, or behave inappropriately, which could lead to property damage, injuries, lawsuits, and other losses. Additionally, the chances are that your professional liability or general liability may not be adequate to cover all your liability needs, and that’s where you will need umbrella insurance. Remember that umbrella insurance is not self-sufficient, and you may need to use your primary policies, and the umbrella only comes in when they are inadequate.

Liability goes beyond what basic coverages offer.

Lawsuits can be pretty messy and expensive. Whether you are starting a small or large business, a commercial umbrella helps you stay stable even after lawsuits. It offers you the peace of mind you need to run your business and focus on the most important aspects. At EasTex Insurance, we recommend speaking to your insurance agent before making any purchase to help you focus on the right premiums for your business.

Big businesses will benefit from the additional liability coverage.

The bigger the business, the bigger the risks and the higher the lawsuit payments. Big business owners need additional liability coverages to ensure that their business stability is not threatened.  Umbrella insurance is also far less expensive than stretching premiums.

Contact EasTex Insurance in Tyler, TX to help you secure an umbrella insurance policy for your business today!

Beginners Guide to Umbrella Insurance

When it comes to umbrella insurance, the best way to think of it as a safety blanket for your key assets like savings and investments. While every insurance policy from commercial to homeowners to auto will include liability coverage, there is always a maximum amount that the insurance company will stop paying at. Consequently, if you are sued or face damages over the maximum liability coverage on your specific insurance policy, then you are on the hook to pay the difference. 

As an example, let’s say that your teenage son – who is listed on your policy – gets into an auto accident that results in significant damage to both property and injuries to a third party over $200,000. If the property damage and bodily injury liability portions of your policy exhaust at $200,000, then the difference is your responsibility. Purchasing an umbrella policy means that you’ll have coverage above that amount to a specified limit. 

In addition to covering damages to your umbrella policy limit, it will also cover legal costs associated with any accidents. Keep in mind that umbrella insurance does not cover injuries or property damage to yourself or something that you own. In addition, unless you have a commercial umbrella policy, traditional coverage won’t include any businesses. Lastly, the vast majority of policies do not cover liability that originates because of a breach of contract like not paying a contractor for work that they’ve done that was within their scope of work. 

When it comes to finding the right umbrella insurance policy, it’s crucial to have a team of trusted professionals working on your side. For that, look no further than EasTex Insurance in Tyler, TX and give us a call to discuss your needs.