Umbrella Insurance 101

Have you ever heard of umbrella insurance? There is a very good chance that you have not. In fact, for a long time, many people thought that this type of insurance was meant only for the wealthy. They did not realize that it is actually very affordable and should be considered by anyone who already has insurance. 

What is umbrella insurance?

An umbrella insurance policy pays out after your regular insurance policy has been exhausted. For example, if you are in an auto accident and your medical bills total $36,000 but your auto insurance pays only $25,000 toward them, then your umbrella insurance policy would step in and cover the rest. Just like many other insurance policies, though, umbrella insurance typically has an exhaustive limit. It’s not going to just keep paying out. 

Why should a person get umbrella insurance?

You should carefully consider getting umbrella insurance because you never know what is going to happen. You may be involved in a car accident that costs $80,000 in medical bills. Don’t you want to have peace of mind in knowing you don’t have to dip into your pocket to pay for any of these expenses? Sure, you do, but if you don’t have the right type of insurance coverage, you very well may find yourself going broke just to pay off these medical bills. 

If you would like to learn more about umbrella insurance, including what it is and why you need it, then please don’t hesitate to contact Oliver Insurance today. We can help you find an umbrella policy that provides you with ultimate protection and gives you peace of mind.