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Renee Oliver Insurance Agency, Inc.

13975 Connecticut Avenue, Suite 312
Silver Spring, MD 20906

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Umbrella Insurance

Work With Your Agent for the Right Umbrella Insurance Policy

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When you need an umbrella insurance policy in the Silver Spring, MD area, contact an agent at Renee Oliver Insurance Agency, Ince. Whether you already have a policy and want to review it, or you’re looking into getting coverage for the first time,e we can help you get the best policy and protection for your needs. There’s no reason to worry about the level of insurance coverage you have when an agent can help you feel more secure.

Umbrella coverage is designed to take over after you’ve used the limits of another type of policy during the claims process. Many people with significant assets choose this kind of policy for additional protection, but nearly anyone can benefit from having the increased security and peace of mind umbrella policies provide. Choosing the right one for your specific needs, though, is easier when you have an insurance agent who can help answer your questions.

These policies offer a few set coverage limits, and multiple insurers provide them, so you’ll want to get several quotes. We can show you quotes from several insurance companies and answer any questions you have about them. That makes it easier for you to select the right one for your needs and gives you the confidence that you understand what the policy will offer you and the level of protection you’ll receive.

Contact us at Renee Oliver Insurance Agency, Inc. today if you’re in the Silver Spring, MD area and looking for an umbrella insurance policy. We’re here to give you choices, confidence, support, and peace of mind, so you can get more done and feel secure when you choose your new policy.

What Situations Will Umbrella Insurance Protect From?

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When you are in an accident or someone else suffers damage you may be responsible for, having enough insurance is critical to helping you to avoid financial complications and losses. One form of insurance many people could benefit from is umbrella insurance. As the name implies, it provides coverage over and beyond what other plans offer, providing you with more liability coverage when you need it the most.

At Renee Oliver Insurance Agency Inc., we help clients in and around Silver Spring, MD, get the necessary insurance coverage. 

When Can Umbrella Insurance Help You?

Umbrella insurance aims to provide more insurance protection and coverage when your other policies seem to run out before your losses. It can help provide you with coverage for claims related to accidents of various types. That includes:

  • Injuries
  • Property damage
  • Some lawsuits
  • Personal liability claims against you

Consider what would happen if you were in a serious car accident. Your auto insurance offers bodily injury liability coverage, but it may not be enough to cover all losses sustained by victims in the case. Umbrella insurance can help by providing more protection. 

Because the cost of medical bills and long-term care needs is so high today, having umbrella insurance is often a smart financial decision. It may help you to minimize risks further, helping to protect your assets from other risks.

Let Our Team Offer Guidance and Help for You

Could you benefit from umbrella insurance? To find out, set up a consultation with your insurance agent at Renee Oliver Insurance Agency Inc. Let our team take a closer look at the insurance products you have now and offer ways to improve them so they better align with your needs. We work with clients through Silver Spring, MD.

Will Umbrella Insurance Pay Out a Claim Against Me?

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Here at Renee Oliver Insurance Agency, Inc., we know we shouldn’t play favorites, and yet, umbrella insurance is certainly one of our favorite types of insurance policies. Umbrella insurance is a unique type of insurance coverage in that you can apply it to just about any asset in your life. It’s flexible and adaptable, and yet, a lot of Silver Spring, MD and other customers of ours are often new to how it works.

We get many questions about umbrella insurance policies, including whether they’ll pay out in the event someone puts out a claim against them. If you’re wondering the same, continue reading:

Question: Will Umbrella Insurance Pay Out a Claim Against Me?

The answer to this is almost certainly yes! 

Umbrella insurance policies are also called gap policies as they work to fill in the gaps among your existing policies. This type of coverage is most often bought in tandem with a larger policy, like a home, auto, or renter insurance policy, and is designed to provide coverage beyond the limits of such policies while likewise offering coverage for a myriad of things.

For example, you might purchase a personal umbrella policy that boasts $1 million in additional liability coverage. Now, let’s say you have a holiday party at your house and someone slips and falls down your stairs, incurring an expensive injury requiring emergency room care. That person then decides to sue you, and you find yourself in the judgment of $400,000 but hold a liability policy with a limit of $300,000. Your homeowner’s insurance will pay out up to its limits, including legal defense costs, and then your umbrella insurance will pay out the rest. 

Learn More With Renee Oliver Insurance Agency, Inc.

Contact our friendly team at Renee Oliver Insurance Agency, Inc. to learn more about the advantages of umbrella policies and to get one for your Silver Spring, MD household. 

Who needs umbrella insurance?

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Umbrella insurance is a type of coverage that provides extra protection for your finances in the event of a lawsuit or major accident. While it’s not right for everyone, many people find that an umbrella policy is an effective way to protect themselves from potential financial losses and liability risks. Renee Oliver Insurance Agency Inc, serving the greater Silver Spring, MD community, is here to assist with all your queries. 

If you’re considering purchasing an umbrella policy, here are some things to consider as you weigh your options:

One of the main benefits of umbrella insurance is its broad coverage. Unlike standard car or homeowners insurance policies, which typically only cover certain types of accidents and claims, an umbrella policy can provide protection against most types of claims. This makes it ideal for those who want to be covered for a wide range of possible events, such as accidental injury to someone else, damage to their own property, or legal fees.

Another advantage of umbrella insurance is that it can cover multiple people under one policy. For example, a family could purchase an umbrella policy to cover the costs associated with any accidents or injuries occurring on their property, not just for the homeowner but for anyone visiting or living there as well. This makes it a good choice for those who want extra protection against potential legal issues related to other household members or guests.

Of course, umbrella insurance isn’t right for everyone. For example, someone who has substantial assets to protect might not find it necessary if they have a large home or property, as an umbrella policy may not be cost-effective. Similarly, those who can afford several million dollars in coverage may feel that their standard auto or homeowners policies are sufficient.

Contact Us Today

For more information on umbrella insurance, call Renee Oliver Insurance Agency Inc today. We proudly serve the Silver Spring, MD area.

Umbrella Insurance FAQs

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Liability insurance is included in your homeowner’s, automobile, boat, and renter’s insurance. In other words, you are covered if you are found responsible for an accident. However, in the event the losses of the other party exceed your policy’s limits, the difference could come directly out of your pocket. This could leave you bankrupt. In situations like this, umbrella insurance can be beneficial. Here are some commonly asked questions Renee Oliver Insurance Agency Inc. has had, along with their answers, for Silver Spring, MD residents.

What Exactly Is Umbrella Insurance?

Look at umbrella insurance as a backup to your standard liability coverage that can work with all of your insurance policies. In the event that the damages of an incident exceeds the limits of your policy—be it home, auto, or commercial—your umbrella insurance policy will kick in, take over, and cover the difference.

What Does Umbrella Insurance Typically Cover?

Umbrella insurance is designed to provide coverage for the difference between the liability limits of your insurance policy and another party’s losses. Therefore, if you are found at-fault for an accident that resulted in $150,000 in damages and only have $50,000 in liability coverage, your umbrella insurance would cover the remaining $100,000.

What Happens If I Don’t Have Umbrella Insurance?

If you don’t have umbrella coverage, you could potentially be held liable for any damages that go over the limits of your existing liability coverage. The other individual could sue you for their losses, potentially taking your home, savings, retirement fund, and other assets.

Insurance can offer much-needed peace of mind, and umbrella insurance adds even more to that. If you would like to learn more, reach out to us at Renee Oliver Insurance Agency Inc. We have helped many residents of the Silver Spring, MD and can help you as well!

Who should have umbrella insurance

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Umbrella insurance protects your assets. When the winds and storms of adversity strike, you need all the protection you can get. At Renee Oliver Insurance Agency Inc in Silver Spring, MD, we have provided service to residents for more than 10 years. Our mission is to provide outstanding insurance products and services to all of our present and future customers.

Umbrella insurance has a reputation of being only for those who are wealthy. Nothing could be farther from the truth. Anyone who has any assets could benefit from having umbrella insurance. About 10% of all people will be sued every year. 30% of people will be sued at least once in their lifetime. Protecting your assets, whether they are millions of dollars or thousands of dollars, is important. 

Umbrella insurance is a type of liability protection. It is not a policy you can have alone. It is additional liability protection added to a policy you already have with liability protection. This includes home, auto, condo, renters, boat, and motorcycle coverage. Typical liability coverage on standard policies can be quite basic. It could leave you vulnerable in the event you are in an accident where you are at fault, or someone is injured while visiting your residence. 

When you have umbrella coverage, your primary insurance policy will cover up to the policy’s limit. Then your umbrella insurance policy will cover you for any additional expenses up to the limit of the umbrella. A typical umbrella is one million dollars. 

If you are in the market for a locally owned and operated independent insurance agency, Renee Oliver Insurance Agency Inc in Silver Spring, MD is the agency you are looking for. We know to answer your questions and the drive to provide the kind of service you want and deserve.