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After your primary liability limits such as auto or homeowners insurance have been exhausted, that’s when umbrella insurance kicks in. It may even cover some risks that those policies don’t. Many insurers will require that you maintain a minimum underlying coverage before the purchase of an umbrella policy. Before you take out an umbrella policy, it is important to understand what optional endorsements you may qualify for. A little extra protection can mean a lot in the long run. If it applies to you, be ready to ask your agent about it.
Optional Coverage
Do you own property that you rent out? You may find it advisable to be endorsed for landlord liability in case your tenant wants to hold you responsible for any disastrous incident that happens on the property. Do you own a boat? You will certainly want to get an endorsement for watercraft liability in case you get into an accident on the water. Do you have additional people living with you? Ask about listing them as named insured so that everyone in your household is covered. These options are not legal requirements but are sound financial investments. They can protect your assets in the event of a lawsuit, cover high-risk activities and give you peace of mind. What’s more, optional endorsements tend to be quite flexible, so you can tailor the coverage to better suit your unique needs. It’s just a little something to add to your already existing primary liability coverage. This way, when you find yourself at the end of your rope, you can just tie a big knot and hang on.
If you are in the Kingwood, WV area and are in the market for umbrella insurance, please contact us at Smith Insurance Agency of West Virginia.
