Most homeowners have a homeowner’s insurance policy, as it is a requirement when financing a mortgage with a bank. Homeowner’s insurance, also known as hazard insurance, protects against the loss of a home to fire or other designated perils and includes coverage of home contents, personal liability coverage, and loss of use.
Automobile liability insurance covers you when you are involved in an accident. Most policies provide up to a maximum of $500,000 in coverage, where an umbrella policy can increase that limit by an extra $1 million or more, depending on the amount of financial protection you want. That way by adding umbrella insurance, you are likely to have the necessary limits to cover you in a serious accident. An umbrella expands coverage in the event a legal claim is filed against you from any involved parties.
An umbrella policy can cover claims for which you have no insurance … Read More