Understanding Umbrella Insurance

When you hear the term 'umbrella insurance" you may wonder, "What is that?" or "Is that something I should have?".

These are common questions people tend to have about umbrella insurance. So, we wanted to clear this up and create a better understanding of umbrella insurance for our viewers!

Umbrella Insurance in brief

Umbrella insurance is a sort of secondary insurance coverage that covers whatever your primary insurance does not cover.

For example, you get in a car accident and end up using all the money your primary insurance offered, but you still have bills to pay for the accident. This is when your umbrella insurance would come into play and would cover the remaining costs.

What it can cover

• Bodily injury to others

• Property damage to others

• The legal costs to defend yourself in lawsuits

• Lawsuits like defamation, libel, slander, and invasion of privacy
  

• Incidents that happen in the U.S.

What it won't cover

• Business losses

• Criminal acts done by you

• Written or oral contracts

• Intentional acts or injury done by you

• Damage due to nuclear radiation, war, or terrorism

• Communicable disease

Who needs umbrella insurance?

This varies of course, but a few of the main people are...

• People that have pools in their backyard

  • Pools can lead to many sorts of incidents. Being protected with umbrella insurance can keep you from paying for accidents that occur on your property that you didn't cause.

• Anyone with a teen driver.

  • Teen drivers are brand new to driving, which can likely lead to more accidents. Having umbrella insurance can keep your teen driver protected additionally.

• People that have investment real estate under their personal name.

  • This is similar to people with pools. If someone happened to get hurt on your property and they tried to go after you for it, having umbrella insurance would keep you protected.

• People with many assets are large sums of money.

  • When one has so many assets equaling out to large sums of money, likely your current insurance policies couldn't cover the cost of it all if all or even some of it was lost. This is why you would want to invest in umbrella insurance, because umbrella insurance policies start at a minimum of $1 million dollars and would more likely protect all of your assets.

Umbrella Insurance has many layers to it. If you have any questions or are looking for your own, reach out to us today!

We would love to help you in any way we can.

You can reach out to any of our offices within our business hours. (8:30am - 4:30pm, Monday-Friday)

Our office numbers are:

LaCygne              (913) 757-4551

Mound City         (913) 795-2200

Garnett                (785) 448-3841