No, umbrella insurance isn’t some new form of insurance intended for a person’s rain gear in Rockville, MD. It’s a form of insurance that gives people an extra bit of liability insurance to protect their assets in the event of an accident. It might not be necessary, but it can prevent a serious problem in the future.
1. Can People Get it On Their Homeowner’s?
Yes, people can get it on their homeowner’s, which protects against issues including property damage and bodily injury. People can get it on their car or boat insurance as well.
2. Does it Pay the Legal Fees of a Lawsuit?
The policy may even cover legal fees accrued as a result of a lawsuit. If the person goes to jail, it may even protect against lost wages.
3. Is it Required?
No, umbrella insurance isn’t a requirement. However, it’s important to have to protect a person’s assets since a lawsuit that exceeds insurance policy limitations puts the person at risk of being responsible for excess charges. This puts the person’s assets at risk for the amount of charges that were not covered by insurance.
4. How Much Umbrella Insurance Should be Obtained?
There isn’t one answer that fits everyone’s needs. It depends on the risks the person faces each day such as if they drive on a dangerous road or have a pool in their yard. The value of the person’s assets should be taken into consideration. The person needs enough coverage to protect, so assets aren’t seized. The potential for a future loss of income should be taken into count as well.
To learn about umbrella insurance or to put it on a policy, contact Wellspring Insurance Network Inc. in Rockville, MD at 240-848-0355.