What is the point in having umbrella insurance?

Having insurance is a basic need for most adults, but basic policies may not fit the needs of everyone. This is why some residents of Boise, ID chose to take out extended coverage, in the form of umbrella insurance.

What is the point of it?

The point of taking out an umbrella insurance policy is to go beyond the basic coverage of a specific type of insurance. This does not include the dollar amount, but also the scope of its coverage.

As an example, your umbrella insurance policy can extend your car insurance to also include protection lawsuits.

Other types of damages found in a policy may include:

• Slander or Libel lawsuits — If you are sued due to damages from your spoken or written word.
• Court costs and legal fees — Lawyers are expensive, and courts have varying fees of their own.
• Bodily harm — Sometimes, accidents go far beyond the expectations of your auto insurance, so you will need additional coverage.
• Property damage — Destroying others’ property may have limited coverage among typical plans.

What You shouldn’t Get Umbrella Insurance For

While umbrella insurance goes beyond most regular plans, it still has a few limitations. Do not get it expecting coverage for:

• Damages for business-related activities.
• Malpractice lawsuits, or lawsuits against medical practitioners.
• Covering worker’s compensation.

Umbrella insurance is also limited to protecting your liability, not your own needs. For example, if you have an injury, your primary form of insurance will cover it, not the extended umbrella plan.

If you feel you have a lot on the line, you may need to take out an umbrella plan in case something disastrous happens that will leave you hanging out to dry in court. If you need help considering the right move toward umbrella insurance, consider getting in touch with Fuhriman Insurance Agency if you’re in the Boise, ID area.