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How Umbrella Insurance Protects Your Finances

With so many insurance policy options meant to protect against different risks, New American Insurance knows that the busy people of Columbia, SC may not be familiar with all of the more advanced varieties. Umbrella insurance is a higher level of insurance that works alongside your other policies to give your finances ironclad protection.

Expanding Your Liability Limits

While the amount of money that liability limits can reach may seem immense, it can fail to meet the needs of extremely damaging incidents or highly valuable items. Once that limit is reached, umbrella insurance will pay you additional benefits according to its own limits. Because it’s designed to work for people who already have another form of coverage, the limits are usually much higher for a lower cost than a more common type of policy. 

Covering Your Uncovered Perils

For most types of insurance policies, the coverage outlines the exact perils that are a valid reason for an insurance claim. Umbrella insurance works the opposite way, so you’ll see exactly what perils the policy doesn’t cover. In most cases, the umbrella insurance pays you after your other policies are maxed out, but it will pay on its own if nothing else applies. The liability limit will typically be the same, so you might save yourself millions by having an umbrella insurance policy.

Don’t Leave Your Finances Unguarded

Umbrella insurance is not just for the ultra-wealthy. Anyone with a homeowners’, renters’, or auto policy could find themselves facing a lawsuit that exceeds their liability limits or doesn’t match any of their existing covered perils. New American Insurance would be happy to assist any resident of Columbia, SC and nearby towns with finding an umbrella insurance policy that shields their livelihood.

Why You Need Umbrella Insurance

Having enough liability coverage is important, but most people don’t have as much as they should. Both auto and home insurance policies come with liability insurance, but it is generally a low amount. If you need more liability coverage, call us at New American Insurance in Columbia, SC to learn more about umbrella insurance. 

More Liability Coverage

When you get umbrella insurance, it increases the amount of liability coverage that you have for your who and home insurance. It provides a boost to both of these policies so that your maximum payout for liability is far higher. While many people get the bare minimum that they have to have for their auto insurance, medical bills can be steep, and you may find yourself paying for them out of pocket when your insurance maxes out. With an umbrella policy, that maximum becomes so high that it would pay for most accidents and medical bills. 

How It Works

With an umbrella insurance policy, the extra liability insurance is not added directly to your auto and home insurance policies. Instead, after an accident, the home or auto policy pays as much as it’s going to until it is maxed. Then, the umbrella policy comes in. It pays from that maximum up to a maximum of its own that is much higher. It allows you to increase your liability coverage without changing your auto or home policies and paying the high rates for home and auto policies that have a lot of liability coverage. 

Get Your Umbrella Protection

If you have an auto and a home policy, chances are that you could use more liability coverage. Contact us today at New American Insurance in Columbia, SC to find out more about umbrella insurance and how it can benefit you. 

When is umbrella insurance a good investment?

Those who live in the Columbia, SC area will have several types of insurance protection that are needed. A form of insurance that needs to be considered is umbrella insurance coverage. This type of protection offers liability coverage, which is often acquired on top of coverage received with other policies. There are several situations when getting an umbrella policy is going to be a good investment for you.

When Looking for More Coverage

One situation when getting umbrella insurance is a good investment is when you are looking for more coverage. If you have home or auto insurance, there will be some level of coverage included in the policy. If you ever cause a serious accident, the damages could exceed your policy limit. In these cases, having an umbrella insurance policy is important as it will give you the additional protection you need.

When Wanting Coverage for More Situations

It would be best if you also got an umbrella insurance policy to get coverage for more situations. A full umbrella insurance policy can give you protection for a vast amount of risks that you likely do not even think about. This can offer you peace of mind as you will be prepared for the unexpected. 

Anyone that is shopping for an umbrella policy in the Columbia, SC area needs to make sure that they fully understand all of their options. The team at New American Insurance can provide you with the guidance needed to choose a policy. When you do call New American Insurance, we can offer you a lot of support. Our team will answer all of your questions and ensure that you are properly protected with a new policy that meets your needs. 

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