Shield Your Assets with Umbrella Insurance in Hilliard

As a responsible individual living in Hilliard, Ohio, you know it is important to insure your home, car, and other properties. These insurance policies provide financial protection during unexpected events, such as fire, theft or accidents. But did you know that your existing insurance policy limits may be inadequate? That's where umbrella insurance comes in.

What is umbrella insurance?

Umbrella insurance is an additional liability insurance policy that extends the limits of your existing liability coverage. For example, let's say you have a car insurance policy with a liability limit of $100,000. If you cause an accident that results in $150,000 in damages, your car insurance policy will only cover up to $100,000. You will be personally responsible for paying the remaining $50,000.

Umbrella insurance can fill this gap. For example, you can purchase an umbrella insurance policy with a limit of $1 million. In the above example, your car insurance policy would pay out $100,000 and your umbrella insurance policy would pay out the remaining $50,000.

What does umbrella insurance cover?

Umbrella insurance usually covers the following:

Personal Liability: This provides coverage for bodily injury or property damage caused to someone else by you or a member of your family.

Accidental Death: This provides coverage for any lawsuit filed against you if someone is killed.

Defamation: This provides coverage for statements that defame someone's character.

Why is Umbrella Insurance Important in Hilliard, Ohio?

Umbrella insurance is important for many reasons when living in Hilliard. Consider some reasons:

Increase in legal costs: The cost of litigation is continuously increasing. Hiring a lawyer and going through a lawsuit can cost thousands of dollars, even if you win. Umbrella insurance can help cover these costs.

Force Majeure: Accidents are unexpected. You never know when you might hurt someone which could result in a costly lawsuit. Umbrella insurance can help protect you from such unexpected events.

Protecting your assets: A major lawsuit can lead to the seizure of your home, car, and other assets. Umbrella insurance can help protect your property.

How expensive is umbrella insurance?

The cost of umbrella insurance depends on several factors, such as the extent of your coverage, your claims history and your age. Generally, umbrella insurance is relatively affordable, especially when you compare it with the protection it provides you.

Conclusion

While living in Hilliard, Ohio, it is important to be prepared for unexpected events. The bigger the risk you take, the more important it is to protect your assets. Umbrella insurance is an affordable solution that covers expenses that exceed the limits of your existing liability insurance policies. It protects you from the financial burden caused by serious accidents, lawsuits, or property damage.

Umbrella insurance can protect you in a variety of situations, such as a lawsuit filed for damage to a neighbor's property or injury to someone caused by your pet. It may also provide coverage for personal injuries that occur on your property, even if you are not liable.