You may have heard of personal umbrella insurance, but do you know how these policies work? It’s important to learn about this coverage to determine if it’s right for you. <\/p>\n
Umbrella policies from companies like Martin Insurance Team function similarly to liability policies. They often don’t cover personal damages, such as damage to your personal property. However, they do help protect your assets. For example, if someone sues you, the policy can help pay for the settlement or the other person’s injuries. However, these policies typically do not cover items such as defamation or personal property. <\/p>\n
Umbrella policies work as secondary coverage for existing policies, such as your home and auto policies. First, your other policy will take effect and cover damages up to its coverage limit. Then, if damages exceed the coverage limit, umbrella insurance will kick in to cover the remaining amount up to its own coverage limit. This can help protect your assets. <\/p>\n
For example, let’s say someone is injured on your property and sues you. Your homeowners policy would pay for the bodily injury and damages, up to its coverage limit. However, suppose the medical bills are $80,000 and your home policy has a coverage limit of $50,000. Your homeowners policy would pay the $50,000, and your personal umbrella policy would pay the remaining $30,000. <\/p>\n
Our agents at Martin Insurance Team can help you find the right umbrella policy to keep your finances protected. Contact us to learn more. We’re currently serving the Evergreen Park, IL, area. <\/p>\n","protected":false},"excerpt":{"rendered":"
You may have heard of personal umbrella insurance, but do you know how these policies work? It’s important to learn about this coverage to determine if it’s right for you. Liability Protection Umbrella policies from companies like Martin Insurance Team function similarly to liability policies. They often don’t cover personal damages, such as damage to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[7,35,60,34,55],"class_list":["post-596","post","type-post","status-publish","format-standard","hentry","category-home-insurance","tag-evergreen-park","tag-il","tag-insurance","tag-martin-insurance-team","tag-personal-umbrella"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t