Michigan Umbrella Liability Insurance
Umbrella liability insurance is an extra type of insurance that offers coverage beyond the existing protection of other insurance policies. Some of the coverages provided by umbrella liability insurance are property damage, bodily injuries, personal liabilities, and other lawsuits.
At Hartman Insurance Agency, we are aware of the possibility that some insurance policies do not provide enough coverage to meet your needs. Therefore, you may need to purchase umbrella liability insurance to cover other potential risks that could arise. Our Michigan insurance agents are knowledgeable on all types of insurance and will thoroughly explain what umbrella liability insurance entails. Contact us today to get started on the process.
How to Know if Umbrella Liability Insurance Is Appropriate for You
You may think that adding additional liability insurance like Umbrella liability insurance is only for the rich. However, this is not the case. Anyone can benefit from having this type of insurance. If you own a house, a vehicle, a condo, or even if you rent, umbrella liability insurance gives you additional protection over your assets. People who own a boat, motorcycle, ATV, or camper may consider looking into this type of insurance.
What Umbrella Liability Insurance Covers
It may seem a little confusing when looking at what umbrella liability insurance covers. This is where our team at Hartman Insurance Agency steps in to assist you and explain things more clearly. There are three different categories covered under umbrella liability insurance, which include bodily injuries, property damage, and other personal liabilities.
1. Bodily injuries: Any injury to another individual that may result in medical expenses and liability claims. The following are a few examples of bodily injuries that are covered by umbrella liability insurance:
- Other individuals hurt in car accidents
- Falls or other accidents by guests in your home
- Guests being bitten by your dogs, cats, or other pets
2. Property damage covers the loss or damage to another individual’s property. A few examples of property damage include:
- Vehicle damage from a car accident
- Accidental damage to school or business property
- Damage caused to other people’s personal property
3. Other personal liabilities: These are the actions that a person could file a lawsuit against you. Some examples of personal liabilities that are covered under umbrella liability insurance are:
- Mental suffering
- Shock or trauma
- False arrest
Michigan Umbrella Liability Insurance FAQs
What is Umbrella Liability Insurance, and How Does it Work?
Umbrella liability insurance is an additional liability insurance that protects more than just your home, car, and rental property. The main goal that this type of insurance has is to protect your assets when an unexpected event occurs, such as a tragic accident that leads to serious damage or injuries to others. It also protects you against potential lawsuits if a judgement exceeds your home or auto policy limit.
Why is Umbrella Liability Insurance so Important?
Umbrella liability insurance is important because it will protect your assets. A few of your assets that will be protected are your home, investment accounts, retirement accounts, checking and savings accounts, and more. Suppose you do not have enough liability insurance and have not considered adding an umbrella liability policy. In that case, your assets may be exposed as you most likely cannot cover all the costs. Most people choose to purchase umbrella liability insurance as it is a great way to prevent any potential financial mishaps that can happen from one unexpected accident.
How Much Umbrella Liability Insurance Do You Need?
Deciding how much umbrella liability insurance you need may be difficult and complex. However, there are a few important things to consider when making this decision, which include the following:
- The possible risks that may arise
- Value of your assets
- The possible loss of any future income
Your insurance agent can assist you with weighing out all the factors and making the best decision that matches your needs.
What Does Umbrella Liability Insurance Not Cover?
Umbrella liability insurance does not cover your injuries or damage to your property. It also does not cover your business liability unless you buy a commercial umbrella liability insurance policy instead of a personal one.
If you have breached a contract, your umbrella liability insurance will most likely not cover this liability. For example, if a contractor files a lawsuit against you for failing to pay for the work they have completed under a contract you signed, your umbrella liability insurance will not help you with this. In addition, if you intentionally physically injure someone or commit a crime, your umbrella liability insurance will not cover this.
Are You Required to Have Umbrella Liability Insurance?
You are not legally required to have umbrella liability insurance. However, if you have valuable assets or a chance of being sued, it is recommended to purchase umbrella liability insurance. The following are a few common reasons why people choose to buy this type of insurance:
- They own property
- They have a large number of assets or savings
- They own items or products that could cause injury to others (trampoline, pool, gun, pet)
- They are a landlord
- An inexperienced driver lives in their home
- They often host parties and events in their home
Always remember that umbrella liability insurance is an additional policy you can have that protects you, your assets, and your property when claims are filed.
Do You Believe That You Need Umbrella Liability Insurance? Reach Out to Hartman Insurance Agency Today.
If you are considering umbrella liability insurance and want to learn more about this special coverage, please reach out to Hartman Insurance Agency at your earliest convenience. We are located in Saline, Michigan, and can be reached by phone at 734-429-5491. Our insurance agents offer the best advice in Michigan and will work hard to ensure you are satisfied with your insurance protection. Call our office today to discuss your insurance needs. We look forward to speaking with you soon!Contact Our Agency Today