Many home and auto insurance policy owners in the Braselton, GA area are often asked if they want to add umbrella insurance to their portfolio. If you are wondering if it is a worthwhile investment, your local agents at Bingham Insurance Group have the answers.
When You are Found At-Fault, Your Home and Auto Insurance May Not Do the Job
Umbrella insurance is designed to provide higher liability coverage. Your home and auto insurance comes with a liability maximum that is intended to pay the injured party enough to handle their medical and living expenses for an injury or property loss due to an accident. However, if they are looking at the loss of a limb, a life-changing disability, or the resultant loss of income, they may be entitled to a larger payout. Your home and auto insurance will cap their payout at the maximum, leaving you open to a lawsuit. Many people perceive that a person living in a nice neighborhood or runs a successful business has a deep pocket to pick, making you more of a target after even a simple fender bender.
Umbrella Insurance Takes Over where the Other Drops Off
Umbrella insurance adds a larger liability limit, often in the millions. When one insurance policy tops out, your umbrella policy can cover the remaining balance of the claim. This can help you to keep your savings account intact or prevent the sale of your second home. Umbrella insurance is often an attractive addition to your insurance coverage when you own a business that is associated with higher liability risks. However, umbrella insurance will not cover an incident that is a result of illegal or criminal activities.
If you would like to learn more about umbrella insurance, give us a call at the Bingham Insurance Group serving the greater Braselton, GA area today.