Umbrella insurance, sometimes called personal liability insurance, offers coverage beyond the limits of your other policies. It can help cover the financial gaps and protect your savings and assets in the event you’re liable for damages.
Umbrella insurance is not required, but many choose to purchase a policy for greater peace of mind in answering some of life’s “what if” questions. There are key advantages to this type of coverage, but there may also be downsides.
To help you understand umbrella insurance more clearly, here is a breakdown of some major pros and cons:
Umbrella insurance can help you avoid major financial loss. Some major advantages include:
Umbrella insurance provides extra liability coverage and legal defense in a variety of situations. However, there are some downsides and major exceptions to consider, including:
An umbrella insurance policy can keep you and your assets safe. While you’ll hopefully never need to file a claim, the more you know about what umbrella coverage provides, the better insurance decisions you’ll be able to make.
Kandi is a friendly, outgoing member of the Berkshire Hathaway Home Services Commonwealth Real Estate team. Before her entry into Real Estate, she worked for a Fortune 500 company for over 15 years in a variety of international sales and marketing positions.
Kandi has a team of employees who assist her in managing her business. Her team includes a Marketing Manager who leads all advertising activities. She has an Office Manager who coordinates all transactions and manages all back-office tasks. Lastly, she has an Administrative Assistant who performs all other day-to-day functions allowing Kandi to work in-person with buyers and sellers.