Umbrella insurance is a cover designed to provide extra liability coverage when your auto, boat, and homeowners insurance get exhausted. However, unlike other policies, it can only provide compensation to help you offset 3rd party expenses. For more information on what this means and the areas covered, Wayne Realty & Insurance Co Inc. explains what a Goldsboro, NC resident can expect from umbrella insurance.
Bodily Injury Liability
The first instance that umbrella insurance will come in handy is when you cause injuries to 3rd parties. Bodily harm can arise from auto accidents that you cause, pet bites during a guest’s visit, and fall accidents in your home. If any of these occur and your primary cover can no longer cater to other parties’ medical costs, umbrella insurance will help you offset the balance.
Rental Unit Liability
Rental unit liability protects you from claims that you face as a landlord. When your tenants get injured due to defective structures and sue you for damages, umbrella insurance helps you pay the ensuring costs. These can be legal fees and damages when you are found liable for the harm caused.
Property Damage Liability
Property damage liability protects you when you destroy other people’s property. Examples of events that lead to this include auto accidents and when your guest’s property gets damaged in your home. Umbrella insurance provides compensation needed to cover the repair and replacement costs when policies such as home and auto are insufficient.
Everyday Liability Claims
Umbrella insurance also helps you cater to everyday claims when primary policies reach their limit or when they are not included in your coverage. Examples of these include slander, libel, and mental anguish. In addition to this, if you are also liable for claims related to malicious prosecution and false arrest, umbrella insurance helps you pay your legal fees and damages.
To get umbrella insurance in Goldsboro, NC, call Wayne Realty & Insurance Co Inc. today for a tailor-made policy.