If you have home and auto insurance, you may think you’re prepared for anything that can happen. However, it’s not just the price to replace your car or house that you have to consider. Unfortunately, we live in a society where people love to sue one another. Your insurance limit may not cover a judgment against you, meaning you would have to pay the remainder out of pocket. Keep reading to learn more about the benefits of umbrella insurance and contact EasTex Insurance in Tyler, TX to purchase a policy.
What Are the Benefits of Umbrella Insurance?
If you already have a car and home policy, umbrella insurance provides additional coverage that increases your total limits. If you are sued for invasion of privacy, slander, or libel, the settlement and legal costs may exceed your auto and property coverage amount. To avoid financial loss, you can buy umbrella insurance as an additional layer of protection.
Your car and home insurance probably include liability coverage. In many cases, the limit is insufficient to cover you if you experience a catastrophic loss that you’re responsible for. For example, your auto insurance limit may seem high. However, if you hit a car full of people, your coverage limit can evaporate quickly.
Medical bills and lawsuits can eat up your regular coverage. If you don’t want to take the chance of having to pay off any expenses, umbrella insurance can bridge the gap. The same holds on your homeowner’s policy. No one likes to think about causing an accident where other people get hurt, but if it happens, you’ll be covered.
Protecting Your Business
Umbrella insurance can also be tacked onto your business insurance. If you own a partnership, sole proprietorship, LLC, or S or C corporation, consider umbrella insurance for supplemental coverage to safeguard your business from lawsuits.
Contact one of our agents at EasTex Insurance for umbrella insurance coverage in Tyler, TX. Make an appointment today for a quote or to review your current coverage.