Umbrella Insurance In Pennsylvania
You have worked hard in life to accumulate a sizable amount of investments. It would be a shame to see your hard-earned valuables go down the drain in the name of expensive lawsuits. You do not believe it? Switch on the TV and see how many people are suing each other. And that’s not all. The figures involved can be mind-bending.
You might be asking how then you can protect yourself and your assets. At Bridgeway Insurance Group, located in Pennsylvania, we are glad you asked. We understand that your typical auto, home, or boat insurance has a liability coverage option. But there is a problem. Some financial liabilities are massive, exhausting your standard liability coverage limit. In that case, umbrella insurance can come to your rescue.
What is umbrella insurance?
Umbrella insurance is coverage that gives you extra protection for claims exceeding your current insurance plans. Suppose your dog bites a neighbor, and they proceed to sue you for negligence. Of course, your homeowner’s liability coverage will come into play, but it will only stretch as far as the coverage limit.
When your typical coverage runs out, you would expect to cater to uncovered liabilities from your pocket. Fortunately, if you have umbrella insurance, you don’t have to put your assets on the line.
What does umbrella insurance protect?
Umbrella insurance covers liabilities not covered by other insurance plans. It also saves the day when your current insurance coverages run out. Umbrella insurance protects against the below:
- Bodily injury
- Property damage
- Select lawsuits like libel, slander, and false arrests
- Personal liability situations
What does umbrella insurance exclude?
Umbrella insurance doesn’t provide coverage in the below instances:
- Business losses
- Criminal or intentional actions
- Own injury or damage to your property
- Liabilities arising from breach of contract
Who needs umbrella insurance?
There is a myth that umbrella insurance is only for the wealthy. This isn’t true. Everyone with an investment or earning a livelihood needs umbrella insurance. Substantial liabilities can happen to anyone. A guest can sustain injuries in your house, your dog can bite someone, or a Facebook post could land you in trouble. When these unfortunate events occur, umbrella insurance can save the day.
Are you ready to purchase umbrella insurance? Contact Bridgeway Insurance Group, located in Pennsylvania. We are ready to help you.