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. 

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.