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!