Umbrella Coverage Suffern NY

Today's legalistic society witnessed various lawsuits on more claims for damages that may cause you to lose your personal assets or take more money from your pocket than you signed for on your insurance policy. Umbrella coverage is the lone policy that blankets your existing policies. Let us get acclimated with the benefits and limitations of umbrella coverage.


1 . Local Companies

Allstate Auto Insurance
(888) 355-7971
231 1/2 S Highland Ave
Briarcliff Manor, NY
Allstate Auto Insurance
(888) 355-7971
39 Maple Ave
New City, NY
Allstate Auto Insurance
(888) 355-7971
400 Rella Blvd Ste 120
Suffern, NY
Allstate Auto Insurance
(888) 355-7971
32 Broadway
Valhalla, NY
Allstate Auto Insurance
(888) 355-7971
8 S Division St
Peekskill, NY
Allstate Auto Insurance
(888) 355-7971
405 Rochelle Ave Ste D
Rochelle Park, NJ
Allstate Auto Insurance
(888) 355-7971
218 Route 9w
Haverstraw, NY
Allstate Auto Insurance
(888) 355-7971
2 Todd Pl
Ossining, NY
Allstate Auto Insurance
(888) 355-7971
677 Commerce
Thornwood, NY
Allstate Auto Insurance
(888) 355-7971
756 Palisade Ave
Yonkers, NY

2 . Defining Umbrella Coverage

Umbrella coverage is the popular term for excess liability coverage - a personal insurance policy that provides additional protection for damages that you or your family as policy holders incurred. On claims for damages, the complainant may press for more compensation than you may be able to cover with your insurance policies.

There are various lawsuits that serve as useful examples that benefit individuals with excess liability coverage. For example, the bodily injury to the victim may be severe or linger for a long time, prompting him to ask for more compensation. A minor claim can swing into a costly burden for the policy holder in the long run. Umbrella coverage is used to cover excess damage and protect the policy holder from shelving their personal assets to pay for damages.

An umbrella policy raises the limit that your general auto insurance coverage can work with. For example, assume that your auto insurance has a liability limit of $300,000, which means that your insurance policy will not cover damages over $300,000. Thus, you have to depend on your umbrella coverage to pay for damages exceeding the $300,000 limit. This coverage ensures that in an event of a lawsuit or heavy damage claims, you are not left high and dry under your primary insurance policy. Aside from auto insurance, umbrella coverage also applies to other policies such as homeowner's insurance and employer's liability. However, it does not apply to professional liability policies.

3 . How Umbrella Coverage Works

Umbrella coverage serves as your back-up insurance if your primary policy cannot handle the requirements for the damages. There are certain situations where primary insurance will help you in the short term. However, costs may roll over to a point where your primary insurance might prove useless to you. If your auto liability coverage cannot cover the damages incurred, then the umbrella coverage is used. Thus, umbrella coverage acts as your "insurance double," since it extends the purpose of your first insurance.

An umbrella policy is very useful for contingencies that may surprise you the wrong way. There is a rare chance that we may incur damages amounting to millions of dollars. These unfortunate events may end up taking your personal assets with your paying the tab for a long time. This coverage also provides features not included in your general liability insurance like protection for acts of slander, invasion of privacy, and liability for damaged properties that you do not own while in your care. While we prefer not to sit on such extremes, umbrella policy ensures that you do not lose much, especially for situations that you cannot control.

Umbrella coverage does not only increase your liability limits; it also broadens the coverage of your primary policies to best cope with drastic events. This coverage also pays for attorney's fees and defense costs that may add up even if the lawsuit against you is not legit.

4 . Do I really Need Umbrella Coverage?

Umbrella insurance for its front price is definitely needed by anyone who owns a home, a car, a watercraft, or any property that one is responsible for. Our society is very litigious - the complainant is more likely to file a charge against you today than in the past 50 years. We have great lawyers who can argue for more damage claims even on minor occurrences. Justified or not, you as a policy holder may pay for more damages not covered by your primary insurance. The extra layer of protection given by an umbrella policy will make us less vulnerable from large claims.

Even if the claim is not legitimate, your primary insurance may not be able to support costs for legal fees. This leaves you wasting money on a situation that you do not expect. The umbrella policy will pay for your attorney and other legal fees during the trial.

This critical policy also safeguards you from the uncertainty of the cost of damages following an accident. The price tag for medical expenses, bodily injuries, or liabilities due to negligence might leave you with a long list of financial responsibilities. The umbrella coverage can cover over $1,000,000 to $5,000,000 of excess liability. This cushion will protect your personal assets, such as your home, that may be lost if the complainant clamps down on their claims.
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