8 Things To Know About Umbrella Policies
Many consumers are often confused or unsure whether or not to buy an umbrella insurance policy. You may be asking yourself, what is an umbrella policy and how will it cover me?
Well, look no further here are eight things that you should know about personal and commercial umbrella policies are:
1. A personal umbrella provides an additional layer of liability coverage above and beyond the liability limits in an auto and homeowner’s policy.
2. The personal umbrella policy is extremely undersold. The vast majority of people with personal exposures do not have an umbrella policy, when they really should.
3. Personal Umbrella policies are on of the most inexpensive coverage’s available.
4. An insured does not need to be a millionaire to have a $1million personal umbrella policy. You don’t need to own a home, be married or even have children. An umbrella policy is simply extra coverage to protect you.
5. Personal umbrella policies are not something most people buy; it is something they have to be told about. Most clients will not ask for an umbrella policy. The agent has to proactively educate the client and let them know what it is.
6. Personal Umbrella polices can be sold as a monoline policy, that means by itself. While Umbrellas are often tied to auto and home policies, there are companies that offer standalone umbrellas at a very reasonable price.
7. A commercial umbrella policy provides additional liability limits above and beyond the primary limits in commercial general liability and commercial auto policies.
8. One key issue with a commercial umbrella policy is whether it provides defense costs inside or outside the policy limits. In cases of large and sever claims, it is important to have defense outside the policy limits so that the policy limits are preserved to pay for the claim.
If you have any questions or would like to obtain a free quotation on a personal or commercial umbrella policy, give C.H. Edwards a call today at 516 -249-5200 or visit our website at www.chedwards.net and one of our umbrella specialist will be happy to assist you .
