What You Need to Know Before Getting Umbrella Insurance

As a resident of the Wilis, TX area, you may be considering getting umbrella insurance to ensure sufficient protection for your assets and to safeguard yourself against lawsuits. However, before you take the plunge, there are a few things you should know.

What Is and Is Not Covered by an Umbrella Policy

For starters, an umbrella policy from Melvin Gessner Insurance Agency is an extra layer of protection that you can add to your existing insurance coverage, such as auto, home, boat, or renters insurance. Its primary function is to provide additional coverage beyond the limits of your other policies, which can come in handy if you’re sued for damages that exceed your primary insurance limits.

However, it’s important to note that umbrella policies don’t cover every possible scenario. For example, they typically don’t cover intentional damage or criminal activity, nor do they cover damages caused by business activities or professional services. Additionally, umbrella policies don’t provide coverage for liabilities that have already been covered by your other policies or for losses that are already covered by your standard deductible.

The Claims Process for Umbrella Insurance

When it comes to filing a claim with your umbrella insurance provider, the process is quite straightforward. You’ll need to report any incidents that may result in a claim as soon as possible and provide all the necessary documentation to support your claim. Your insurer will then evaluate your claim and determine whether it’s covered under your policy. If so, they’ll pay out the claim up to the policy’s limits.

Do You Qualify for Umbrella Insurance?

Finally, you may be wondering whether you qualify for umbrella insurance. While requirements vary by insurer, here are a few factors that can affect your eligibility:

  • You typically need to have a minimum amount of primary insurance coverage for liability coverage on your home and auto policies.
  • You may need to have a certain level of net worth or income, to demonstrate that you have assets to protect.
  • You’ll need to pass a background check, as insurers are looking for a history of responsible behavior and no major claims against you.

We Are Here To Help!

Umbrella insurance can be a valuable tool for protecting your assets and giving you peace of mind. By understanding what is and isn’t covered, how the claims process works, and whether you’re eligible for coverage, you can make an informed decision about whether to invest in umbrella insurance for your personal situation. As always, be sure to work with a trusted insurance provider like Melvin Gessner Insurance Agency in the Wilis, TX area to help you make a conscious choice.