Do you live in the Dallas, TX area? Have you accumulated assets through hard work that need protection? Umbrella insurance is for you. Our team of insurance experts at Brooks Cannon Insurance Group is here to provide this coverage.
Umbrella Insurance: The Basics
Umbrella insurance is also known as personal liability or excess liability insurance. This coverage does not stand alone. It supplements other liability policies you already have in place, such as homeowners, automobile, or renters insurance. When the liability coverage on those policies ends, that is when umbrella coverage takes over.
Based on the provider, umbrella policies can be written on broader forms of coverage, not covered by existing policies, such as slander or libel, and can help pay for the associated legal fees.
In the event you become involved in a lawsuit for a considerable amount of money, but do not have enough insurance to cover the resulting damages, the expenses will have to be paid out-of-pocket. This could result in a significant financial burden.
If, for example, your home is mortgage-free and you do not have enough liability coverage to satisfy a lawsuit, you could lose your home. An umbrella policy would eliminate this risk.
While you may consider increasing the liability limits on your existing policies, it may satisfy some common events, but not all. For example, a seemingly innocent comment made on a social media platform could lead to a lawsuit for slander. The possibilities for needing extra liability coverage are endless.
Umbrella coverage will take over where other liability policies stop, both in terms of scope of coverage and dollar limitations.
Give Us A Call
Don’t jeopardize the assets you have worked so hard for by not having this important additional coverage. Brooks Cannon Insurance Group can provide a quote or answers to any questions you have about umbrella insurance. Contact us today. We are happy to serve you in the Dallas, TX area.