While homeowner and auto insurance provides you with some liability protection, it isn’t always enough. One hefty liability claim could easily surpass the limits of the general liability coverage built into your home or auto policy. At the Insurance Center of Winchester, we understand that a simple liability claim could leave you responsible for financially crippling medical bills and court costs, and we want to help.
Umbrella insurance—also known as excess liability coverage—was designed to protect you in the event that the limits of your existing liability policy are met. When a liability claim exceeds those limits, umbrella insurance provides additional protection. In short, umbrella insurance kicks in when your general liability coverage runs out.
Umbrella insurance also protects you in ways that your home and auto liability coverage does not, including:
- Claims of libel
- Claims of slander
- False arrest
- Emotional anguish
- Malicious prosecution
- World-wide liability
Keep in mind that you have much more to lose than just what’s in your bank account. Liability lawsuits put your investments, retirement funds and future earnings in jeopardy.
What Constitutes a Liability Claim?
If another individual is injured because of you—either while on your property or in an auto accident—you could be held liable. Their treatment and any pain and suffering he or she experienced could fall on you. Likewise, if another person’s property is damaged and you are at fault, then you could also be held liable for replacement or repair costs.
Remember that business liability is different and requires a separate type of coverage. Visit our commercial property & liability page for more details.
To learn more about how the Insurance Center of Winchester can help protect you with umbrella insurance, contact our office today at (540) 667-0700.