Umbrella insurance policies provide coverage beyond the monetary limits established by traditional home and auto policies. They also cover many circumstances not included in these policies. If you’ve been involved in an accident, assessing the level of coverage available from the other party’s insurers is important to recover the compensation and damages you deserve.
Many people with substantial assets obtain personal umbrella policies to provide protection for these assets should they ever be involved in a lawsuit. Insurance agents can help their clients determine whether an umbrella policy is right for them.
Here’s an example of how umbrella policies work: If you’re involved in an auto accident that injures another driver, your auto policy will provide coverage up to the policy limit you’ve chosen. If claims exceed that amount, you may be on the hook for those costs, unless you have an umbrella policy offering further protection.
Consider another example of how umbrella policies work: Let’s say that your dog gets loose and bites one of your neighbors, causing injuries requiring medical treatment and physical therapy. Your homeowner’s policy may not cover this occurrence, but many umbrella policies do provide coverage for these situations. Umbrella policies can help protect your assets against many unexpected events that may befall you or your family.
Should you get involved in an accident, ascertaining the extent of the other party’s insurance policies is important should the case end up in court. An experienced accident lawyer can find this information and make the right recommendations concerning litigation and settlement.
Since 1996, the Law Offices of Marc J. Shuman & Associates has been helping auto accident victims, and all injured victims and their families, to navigate the complex legal process. As experienced personal injury, worker’s compensation, auto accident, compensated and wrongful death attorneys, we can help you evaluate the facts, assess your options, navigate the legal challenges, and advocate on your behalf.