What is Covered By Umbrella Insurance?

Umbrella insurance refers to insurance that provides extra protection when your existing coverage gets exhausted. This means that if you incur costs exceeding your auto, boat, or home insurance, umbrella insurance will help you pay for your additional expenses. Before signing up for any policy within Desoto, TX, it is worth considering the areas this insurance covers. Below, Don Atwell & Associates details areas that umbrella insurance offers protection from.

Property Damage Liability

Property damage liability covers you when you get into an auto accident that results in significant property and vehicle damage. Umbrella insurance allows you to cover the repair and replacement costs for fixing 3rd party vehicles and properties such as buildings when your auto policy gets exhausted.

Bodily Injury Liability

Umbrella insurance also covers medical bills arising when you cause injury to 3rd parties. Instances that could lead to this include auto accidents, your guests injuring themselves in your home, or when your pet harms your visitors. When either of these events occurs, and your primary policies can no longer cover the expenses, umbrella insurance covers the balance arising from the treatment costs.

Rental Unit Liability

Rental unit liability protects you against claims you encounter as a landlord. If, for instance, your tenants fall due to faulty building structures, umbrella insurance will help you cover your liability claims. In addition to this, it will also help you cover medical expenses when your tenant’s dog bites visitors in your rental properties.

General Claims

Everyday claims will often not be covered by numerous policies, a gap that umbrella insurance covers. These include libel and slander when you make injurious written and spoken statements and malicious prosecution. Others that will also be covered include mental anguish when you cause harm to other parties, detention, and false arrest.

To get umbrella insurance within Desoto, TX, consider reaching out to Don Atwell & Associates today. We will help you get tailor-made coverage for your everyday needs.

3 People Who Need Umbrella Insurance the Most

You work hard to ensure your family and financial well-being are protected. Part of that protection is having the right level of insurance to suit your needs. But how much is really enough? At Don Atwell & Associates in Desoto, TX, we offer quality umbrella insurance policies to help extend your liability coverage. If you’re ever involved in a big accident, or someone makes a claim against you, you can ensure you’re protected. 

However, there are a few people who need this type of policy more urgently. Here are three people who need umbrella insurance the most.

1. Business Owners in Texas

Owning a small business in Texas is certainly rewarding, but it also comes with many risks. If you or your employees cause major property damage or someone is injured due to negligence, there’s a chance you might get sued. Although you likely have commercial insurance to take the brunt of that, there is a chance that your personal assets might get dragged into the equation in court. In this case, having umbrella insurance would help ensure that you’re totally and adequately protected.

2. Seniors and Retirees

Another group of individuals that strongly needs to consider umbrella insurance is seniors and retirees. You’ve worked hard to build up your retirement savings and estate. What would happen if you were involved in a serious accident that was deemed your fault and your auto insurance wasn’t enough? An umbrella policy could protect you even further.

3. Parents of Teenage Drivers

Finally, one group that usually doesn’t know they need an umbrella policy is parents of teenage drivers. While you’ve likely taken precautions to ensure your child is safe out on the road, inexperience and distractions can often have serious consequences. An umbrella policy would ensure your financial assets are protected if your child is in an accident that injures other people.

Are you ready to learn more about umbrella insurance and how it can protect your family in Waxahachie or Desoto, TX? Please give our team at Don Atwell & Associates a call today to schedule an appointment.