Umbrella insurance is often viewed as an option instead of a necessity. Some indemnity policyholders believe that their standard assurance plans are enough to get them through any rough spot in life. In actuality, though, the average assurance policyholder is under-insured and only learns of his situation when tragedy strikes.
Imagine relying on your homeowner’s insurance plan to pay for your destroyed laptop only to learn that your policy does not cover flooding in the patio area. The financial burden that comes with rejected claims in Goldsboro, NC is a thing of the past for those who have the added protection of an umbrella plan. The experts at Wayne Realty & Insurance Co., Inc. can tell you more about this indemnity option. Read on to get a quick synopsis!
What is umbrella insurance?
An umbrella insurance plan is one that covers events that your standard indemnity plan leaves out. Those with automobiles and homes find umbrella plans especially helpful in instances where the policy limits of their standard assurance contracts would lead to financial losses. It is when the terms of your traditional insurance policy are not enough that an umbrella insurance plan becomes a life-saver.
Three instances where an umbrella insurance policy would help
The first instance where an umbrella insurance plan would be keen is when your dog escapes the backyard and bites the neighbor’s kids. Vicious dog attacks cost homeowners upwards of $600 million in 2016, and few homeowner’s insurance policies covered the attacks. You are stuck to pay medical expenses as well as other fees strictly out-of-pocket without an umbrella insurance plan.
Another area where the added assurance policy helps is with kids. You, as a parent, are legally responsible for the actions of your children. This means that the financial cost of your son injuring one of his classmates in a fight falls on your shoulders. Wouldn’t it be nice to have an insurance plan that pays for medical bills so that you do not have to rearrange your already tight budget? Umbrella Insurance is your lifeline in Goldsboro, NC.
Many people invest in an umbrella plan in addition to carrying homeowner’s insurance because of the many things that can go wrong with property ownership. Inclement weather during the winter months can leave your roof compromised to the extent of the residence being uninhabitable. An umbrella insurance plan can ensure that you have adequate funds for temporary relocation.
Wayne Realty & Insurance Co., Inc. understands the reality of the unexpected occurring at the most inopportune time. Let us help you find the umbrella insurance policy that works best for your situation.