Reasons to Get Umbrella Insurance
Umbrella insurance is not just for the wealthy in Texas. In a litigious society, getting umbrella insurance is a good idea if you can afford it. An umbrella policy will help protect you if someone is injured on your property and you are sued. You can use the money from the policy to cover medical bills, as well as for your legal defense once you have maxed out coverage on your homeowner's policy. The same works for being in a car accident once you have maxed out your auto insurance. An umbrella policy can help protect you for these costs.
What Affects an Umbrella Policy?
In Texas, a policy will vary depending on your risk and your assets. If you own your home and multiple cars, you will want some more coverage. If there are risk factors at your home, such as a pool, they can also affect coverage. It's recommended that everyone should have at least a $1 million policy. For those that earn $100,000 a year or more, or have more than $1 million in assets, they should increase their coverage. Those with rental properties should also have more coverage. An agent at J1 Insurance Agency LLC can help you determine how much coverage is needed.
What You Should Know about an Umbrella Policy
An umbrella policy is not a standalone policy. You have to already have auto and home insurance in order to get umbrella insurance. If you are sued, those policies are the first to take effect, and if you still need more coverage, your umbrella insurance policy kicks in. Check with your agent about what is covered. If you insure a golf cart, watercraft, or something similar, umbrella insurance could provide you with some additional liability coverage. The policy will typically cover family members that are residents of your household. You may also be able to get liability coverage when your other policy wouldn't apply, such as when you are renting a boat.
Contact J1 Insurance Agency LLC for a quote on umbrella insurance. Our agents can answer your questions and help you get started on a policy.