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Rainy Day Funds: Umbrella Policies and You
Insurance is ready to spring into action when the unpredictable happens. That’s the nature of the business, planning for the unplanned. While most policies cover the majority of what you need, there’s still some extra thought that should go into your decision.
Although it’s all about expecting the unexpected, your insurance plan can have some holes that may require plugging. That’s where umbrella policies come in.
Filling the Gap
Umbrella policies fill the gaps in standard home and auto insurance policies. For example, if you are involved in an accident and are subsequently sued for an amount that exceeds the liability limit of your normal insurance policy, the right umbrella policy will pick up where the original plan ends.
Policies differ but share one feature; they will cover you and pay any excess judgments when your primary polices reach their limit. Where they differ from normal policies is that they cover things that you won’t usually find in typical insurance plans.
How You’re Covered
Umbrella policies are for more unique circumstances. Consider if the policy covers libel, slander or other reputation-related damages. This is especially important in the age of social media where words can cause serious damage for all involved.
Does the policy cover you outside the country? Most normal insurance plans cover you inside the U.S. An expansive umbrella policy should be able to cover you while traveling or living outside of the country.
Can your umbrella policy cover parental-negligence involving your children? This is important if you have teenagers who may get rowdy and throw parties in your home while you’re away.
An umbrella policy should also be able to cover you in accidents in excess of 1 million dollars involving people who are not insured. Though all drivers require auto insurance, that doesn’t stop a few from slipping through the cracks. Be prepared if a major accident happens involving them.
Your Coverage Starts Now
At Shepard Walton King, we share your interest in preparing for the unknown. No matter the situation, we work with you to ensure that you are prepared for whatever happens. If you would like to know more about what we offer, get in contact with us or call 800.446.2471.