Is umbrella insurance something everyone should have

When many people hear the word umbrella insurance they are confused about what it is and if it is something that they should have in their insurance portfolio. Understanding exactly what umbrella insurance is and what it does is important to understanding if it is something that everyone should have. At Oliver Insurance in Canby, OR, the staff has many years of experience in umbrella insurance and are happy to share that knowledge with their customers. 

One insurance carrier uses a large umbrella in its logo. Imagine the protection that a large umbrella offers against inclement weather. This is the type of coverage that umbrella insurance offers to you and your assets. Umbrella insurance is excess liability insurance. It is not a policy that you can purchase alone, it can only be purchased if you already have a policy with liability coverage. Policies like home, auto or commercial insurance and benefit from the addition of an umbrella insurance policy. 

In the event that you are the defendant in legal action, you will have some protection from the liability portion of your primary policy. Most basic policies have rather basic liability limits as well. Given the size of many of the judgments that are reached these days, it may be that the liability limit on your policy is woefully inadequate and could leave you with a sizeable amount of money that you need to pay out of pocket. That is where umbrella insurance coverage comes in and covers the amount over and above the liability of the original policy up to your umbrella policy limit. Most umbrella policies are between one and five million dollars. 

To find out if umbrella insurance is right for you, give the office of Oliver Insurance in Canby, OR a call for an appointment or stop by to talk to the experienced staff. New and current customers are welcome.