Understanding Umbrella Insurance

In order to make the best insurance choices, you need to understand the different types of policies available. At Melvin Gessner Insurance Agency, serving Wilis, TX, and the surrounding areas, we love helping clients better understand their insurance options. Let’s learn about umbrella insurance.

Umbrella Coverage

Umbrella coverage is a unique type of policy that helps pay for excessive claim expenses if another policy you already have in place is exhausted. This can happen when the costs associated with a claim exceed the amount of the policy. If this happens, you will be responsible for paying for the difference. It could leave you financially hard, depending on how much this is. 

Ideal Customers

Umbrella coverage is helpful for any insurance customer, but in some situations, umbrella coverage is more necessary than others. For instance, if you are in a high-risk type of career, you might want to have umbrella policies in addition to your regular policies. If you are seriously injured in your field, you can rest assured that your medical expenses will be covered. 

Another instance in which umbrella policies are recommended is if you have a large number of assets that you’d want to protect. If you were to be found liable in a lawsuit, you want to know that insurance can pay for the expenses and that the other party wouldn’t come after your assets.

Coverage Amounts

The amount of coverage you might need is highly personal and depends on many factors. You should discuss the right amount of coverage with an insurance rep.

If you’d like to learn more about umbrella coverage, please contact us today at Melvin Gessner Insurance Agency, serving Wilis, TX, and the surrounding areas.