Understanding the Advantages and Limitations of Umbrella Insurance
If you’re contemplating purchasing an umbrella insurance policy, it could be a wise decision to bolster your insurance coverage. While umbrella insurance offers an additional layer of protection, it’s crucial to understand that the policy doesn’t cover everything. For detailed information about umbrella coverage in Canby, OR, reach out to our agents at Oliver Insurance. We can provide a comprehensive explanation of what is and isn’t covered.
What Umbrella Insurance Covers
Umbrella insurance is a practical choice because it kicks in once the maximum coverage limits of your standard insurance policies (home, medical, auto) have been exhausted.
Umbrella insurance then covers lawsuits against you for damages or injuries, such as property damage to another person’s property, lost wages and medical bills for injured parties, court costs for legal settlements, and more.
What Umbrella Insurance Doesn’t Cover
In the event of an accident or property damage, your homeowner’s insurance policy is the first to be accessed. Umbrella insurance doesn’t cover any damage to your property.
An umbrella insurance policy does not cover your medical bills.
If you run a business, standard umbrella insurance doesn’t cover any losses your business may incur. You might need a commercial umbrella policy.
An umbrella policy does not cover liability arising from a contract.
If you’re found to have intentionally engaged in a criminal act or displayed criminal behavior, umbrella insurance does not cover any consequences resulting from these actions.
Get in Touch
There’s a wealth of information about umbrella insurance and who benefits from the extra coverage. For assistance in making the right coverage decision for residents of Canby, OR, you can rely on our team at Oliver Insurance for the answers you need.
