Umbrella Insurance in Ohio
Things are expensive, as are people. Using auto accidents as an example, the policy requirements are 25/50/25 per accident. One serious accident can result in an injured person totaling over the $50K coverage in medical bills plus a fully damaged car that costs more than the $25K coverage for automobile damage. You could be personally liable for the damages that are not covered by that policy. An umbrella policy from Meiners Insurance of Ohio would be the coverage that can keep you from bankruptcy.
What is Umbrella Coverage?
First and foremost, Umbrella Insurance is a liability-based coverage. This means that it protects you for the damage done to others when you are at fault. It kicks in after the primary applicable insurance (such as renters, homeowners, or auto) is exhausted. It is an additional, independent policy, not additional protection that increases the numbers of the base policy.
Using the auto accident from earlier, should the driver that you hit drive a $50,000 vehicle and incurred injuries totaling $100,000 (which does not take much), you would be liable for the $50,000 in injuries and $25,000 in vehicle damages that are not covered by the insurance (and this is assuming that they don’t sue). Umbrella coverage would be the policy that covers the $75,000 discrepancy.
This is just an example with numbers kept small for simplicity. Most umbrella policies require that the base coverage policy insure higher dollar amounts than state minimum requirements.
Should I Get an Umbrella Policy?
There are many things to consider before saying yes or no to such a policy. Base policies with broad enough coverage may be better, depending on your situation. At Meiners Insurance in Avon Lake, OH, we can discuss these particulars with you and determine what is best for you with your given needs. Please contact our office in Avon Lake, OH today to find out if we can protect you from tomorrow.