If you’re involved in an accident and are clearly at fault you may be expected to cover damages and medical bills for the other party. Your home and auto insurance typically carries a bit of liability coverage, but it may not be enough. If it’s not, what do you do? Well, what do you know about umbrella insurance? This policy would protect you in just such a case.
Umbrella Dental Quiz
- True or False: Umbrella offers additional liability coverage.
- True or False: Even if you already have liability coverage, you may need a policy.
- True or False: The policy is mainly meant for a catastrophic scenario.
- True or False: This differs from a floater policy significantly.
- True. We typically recommend the policy for what we refer to as “gray areas” in your coverage. The policy provides additional liability protection, especially for areas or situations where your current coverage may not go far enough.
- True. If you have a homeowner and auto policy then you already carry liability. However, what if someone is injured in your home or you are at fault in a serious car accident? Your current level of coverage may be exceeded, at which point you would need to foot the bill yourself unless you have an umbrella policy.
- True. It’s true, you may rarely need this coverage. In fact, if you’re lucky, you may never need it at all. But there is some wisdom in the old saying, “Better to have it and not need it then to need it and not have it”. As a result, we often urge people to consider adding this to their insurance.
- True. A floater also provides coverage outside of a traditional policy, but this is for specific items of high value, not liability situations.