Texas Umbrella Insurance Coverage

Umbrella Insurance

Umbrella Insurance

Umbrella insurance is aptly named because it can save you on a rainy day. Unfortunately, most people aren’t familiar with umbrella insurance. And those that have heard of it don’t know how umbrella insurance can protect their assets. Well, you can now rest easy because McCrary Insurance Agency, serving areas within Texas, is here to dissect umbrella insurance to its basics.

What is umbrella insurance?

Umbrella insurance is the extra liability protection that protects you when your current liability coverages run out. Yes, you may already have a boat, home, or auto insurance, but they may not protect you adequately when faced with substantial claims. Simply put, umbrella insurance picks up from where other insurance policies leave off.

What does umbrella insurance cover?

Umbrella insurance doesn’t exist on its own. It rides on other insurance plans like a boat, home, auto, or business insurance. To note, umbrella insurance doesn’t cover injuries to you or property damage to your assets. It’s designed to protect third parties.

Umbrella insurance covers the below areas:

  • Bodily injury liability: Covers medical expenses and lawsuits emanating from injuries caused to other people.
  • Property damage liability: Pays for damages and legal costs arising from property damage to other people’s property..
  • Personal liability: The beauty of umbrella insurance is that it provides liability coverages that aren’t included in the base liability coverages like auto or home insurance. Umbrella insurance covers you against libel, slander, false arrest, and malicious prosecution..

Umbrella insurance won’t cover intentional or criminal acts, business losses, and liabilities for dishonoring contracts.

Who needs umbrella insurance?

The truth is that anyone can be faced with lawsuits. However, if you are in the below categories, there is a need to consider umbrella insurance seriously as the chances of being sued are high.

  • You own a pet that can bite
  • You have a boat, home, or vehicle
  • You participate in dangerous hobbies like skiing or hunting
  • You coach youth sports
  • You own a business
  • You serve in a charitable board
  • You have significant assets or earnings
  • You or your family member share strong opinions on social media

Do you need more information on umbrella insurance? Please contact McCrary Insurance Agency for more insights. Our friendly team will answer all the questions you might have.

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