As the term suggests, umbrella insurance comes in and provides “blanket” coverage after your primary insurance product, be it homeowners, auto, or other, is exhausted. In order to help customers visualize just what umbrella insurance covers, we’d like to look at some real life umbrella insurance claims.īefore we go any further, we’d just like to summarize how umbrella coverage works.
Umbrella coverage only helps in circumstances like this if you have it before the liability claim. Worse yet, if you get into court over a liability claim, you could be looking at $1 million or more in damages. Even so, the real need for umbrella insurance is pretty cloudy for most customers. Commonly umbrella insurance is sold with claims like “you never know when you’ll need it,” and “it only costs a little bit per day,” which makes it an easy choice for most insurance customers. Most insurance customers have heard about umbrella coverage, but often the need for it is clouded in “what if” scenarios.
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