Did you know that umbrella insurance policy is the least understood policy even by many insurance agents? While this insurance coverage isn’t mandatory in Ohio, it can safeguard your financial future by protecting your assets and earnings.
Many Ohio residents are thrown into confusion regarding who qualifies to be a potential candidate for this type of policy. If you want to clear this confusion, connect with us at Stanley Insurance Group situated at Hilliard, OH. Our agents will help you understand who needs umbrella insurance.
What is umbrella insurance?
Umbrella insurance is the extra liability insurance that kicks in when your current liability coverages, such as auto, boat, or home insurance, are exhausted after reaching the covered limit. It’s the safety net you run to when your conventional liability coverages run out.
What does umbrella insurance cover?
Umbrella insurance is tailored to safeguard you from significant and potentially disastrous liability claims or judgments. Umbrella insurance protects you against claims arising from:
- Bodily injury to others
- Personal liabilities, including slander, libel, and defamation of character, and other prevailing personal attacks.
- Property damage to others
Who needs umbrella insurance?
Most people have the misconception that umbrella insurance is only for wealthy individuals. This preconceived notion can’t be further from the truth. Since anyone can be sued, umbrella insurance is suitable for anyone with a livelihood. However, if you belong to the below categories, you need umbrella insurance urgently since the chances of being sued are high. It’s worth procuring umbrella insurance if you:
- Own property
- Have substantial savings or other assets
- Are a landlord
- Own things that can culminate in lawsuits, such as trampolines, pools, or guns
- Regularly hosts parties in your household
- Are a kid’s coach
- Serve on the board of a non-governmental organization
Are you curious regarding how umbrella insurance policy may play a vital role in safeguarding the life you have built or planning to develop in Hilliard, OH? Feel free to contact or visit Stanley Insurance Group to get detailed information about umbrella insurance.