Getting Started with Umbrella Insurance is Simple
Umbrella insurance covers excess liability beyond your basic auto or home insurance policies. Additionally, instances that are not normally covered by auto and home insurance, such as false arrest, libel and slander, are covered under an umbrella policy. Umbrella insurance extends your liability coverage to protect your assets, keeping you from paying the expense out of pocket.
Securing yourself under an additional policy can be critical. With umbrella written through Elephant, you’ll receive an extra layer of affordable protection to keep your personal assets and future earnings safe.
Here are a few examples of what umbrella insurance can cover:
Injuries to other people if you are at fault
Example: An insured policyholder’s teenage son was driving in a car with his sister and her friend when all of a sudden he lost control of the vehicle, hitting a telephone pole. The friend suffered severe injuries, and the claim was settled for more than the insured policy holder’s auto insurance would cover.
Without the umbrella policy, this individual would’ve had to pay nearly $1 million out of pocket to cover the damages.
Example: A man without umbrella insurance was renting a property to a tenant. One night, the tenant and his friend accidentally hit the gas line while working in the basement. The gas company came to inspect the situation and ordered the tenant and his friend not to return to the basement. Unfortunately, the two disobeyed orders, the gas line exploded, and the men had to be taken to the hospital.
Because the claim exceeded the insured homeowner’s policy limit, he was expected to pay $310,000 out of pocket in damages – an amount that could’ve been avoided with an umbrella policy.
Motorcycles on the road
Example: A 76-year-old insured pulled forward out of her driveway, making a left turn into the path of a motorcycle, which was coming out of a curve. The operator of the motorcycle applied his brakes and “laid it down,” but struck the quarter panel of the insured’s vehicle. The insured was cited for traffic violations. The motorcycle passenger (wife of the motorcycle operator), sustained serious injuries. The motorcycle operator suffered a fractured finger and abrasions and had a valid “bystander’s claim” under state law.
The umbrella policy contributed $640,000, the amount above the primary policies.
Learn more about umbrella insurance
Call 855-756-7869 today if you’re interested in an umbrella coverage policy through Elephant. Our licensed agents will be happy to discuss more information on umbrella insurance, policy options and quotes.