Umbrella insurance is extra liability insurance that covers amounts above your current policy. Clients who meet certain guidelines might want to consider taking on an umbrella policy. Birdsong Insurance provides this service for its clients in Texas.
How It Works
- Car accidents - You are involved in a common road fender bender. It turns out one person who was injured has prior medical conditions that require extra treatment because of the accident. All told, the medical costs for this one person are over $250,000. Your policy only covers $100,000. This leaves you responsible for an additional $100,000. Assuming you are responsible for the injuries, the answer is out of your pocket.
- Volunteer Coaches - You serve as a coach on a basketball team. Some kids come to practice and beat up some of your team about a matter that has nothing to do with your sport. Are you going to be sued? Most likely, because you are in charge. Does your insurance cover legal costs for this? Again, these large amounts will come out of your pocket.
- Business liabilities - You raise dogs for sale and show. One of your dogs for some reason hurts another dog or worse, a fellow human. Do you have insurance against damages caused by your pets? Most policies don't cover this.
- Landlords - You own and rent several homes. One of your tenants has a party and the police have to come and break it up. Who are the police going to expect to pay for costs of damage, injuries and police time? Yes, the landlord.
All these incidents would be covered under umbrella insurance.
Umbrella insurance does require you to maintain your basic insurance. But in an unexpected serious situation, it can protect your wealth. Give Birdsong Insurance a call today. Our agents can tell you if you are at risk and provide coverage at a cost that fits your budget.