Umbrella

We live in a litigious society where lawsuits are entirely all too commonplace. Unfortunately, your standard automobile insurance policy or homeowners policy might not provide the coverage you need to protect from a lawsuit. Umbrella insurance policies provide you coverage above and beyond your homeowners policy and auto policy to protect you from everyday accidents. Whether it is a dog bite, car accident, or an accidental injury, an umbrella policy will have you financially covered.

What Is an Umbrella Policy? 

Umbrella insurance policies help provide you more coverage than is provided by other liability insurance policies that you have. Many of your standard personal insurance policies have some level of liability coverage. Your homeowners insurance, renters insurance, and personal auto insurance all cover some level of liability. However, each and everyone of these policies have liability limits and exclusions. What happens if you are exposed to a liability that exceeds your coverage limits? What happens if you are exposed to a liability that is excluded by your other policies? In those instances, you will be forced to pay for any damages out of your own pocket. That is unless you have a personal umbrella insurance policy. 

Who Needs an Umbrella Insurance Policy?

You might not realize it, but it is a good idea for nearly everyone to have an umbrella insurance policy. On a long enough timeline, accidents happen and if another person or their property is harmed, then you are open to a lawsuit. The truth is we live in a very litigious society. There are many people out there who are looking to sue other people for any reason. Some people view lawsuits as a get rich quick scheme. Unfortunately, many lawsuits are successful. Even more unfortunate is the fact that a single lawsuit can wipe out your savings and leave you financially ruined. Chances are that you know someone personally who has been sued in Norman, Oklahoma. Umbrella insurance policies can help protect you from this grim reality. If you have assets and you want to protect them from potential lawsuits, then you need a personal umbrella insurance policy. 

What Does an Umbrella Insurance Policy Cover?

An umbrella insurance policy covers anything your other liablity policies cover, plus more. For instance, if you are involved in a major car accident in which multiple people are injured and multiple vehicles, damages could easily exceed your coverage limits. Your umbrella policy would take care of anything above and beyond your personal automobile insurance limits. Another example is what happens if your dog bites someone. Typically, this is covered by your homeowners policy. However, it is always possible that you are sued and the damages awarded are more than your coverage limits. Your personal umbrella insurance policy would take care of this. What happens if your neighbors are jumping on a trampoline at your house and are seriously injured? Medical bills can easily exceed your homeowners policy limits. In this instance, your umbrella policy would cover it. Umbrella insurance also covers you for liability your other insurance won’t cover. 

Reputational Damages

If you are ever sued for libel, slander, or defamation, your umbrella insurance will cover any damages that are awarded. 

Legal Defense Costs

Even if you beat a lawsuit in court, you can still lose all of your assets paying for legal fees. These can be covered under many umbrella insurance policies. 

Much More

Every insurer is different and different umbrella policies cover different contingencies. If there is a scenario you are worried about and do not know if it can be covered, contact us. The insurance professionals at Buffalo Insurance have access to hundreds of policies and we will work day and night to meet your needs. 

What Does an Umbrella Insurance Policy Not Cover?

Umbrella insurance policies are fantastic because they cover broad coverage above and beyond your existing policies. However, there are some things that not even an umbrella policy can protect you from. Here are some of the things that are typically excluded from umbrella insurance coverage:

Breach of Contract

If you enter into a binding contract and face damages because you did not meet the terms of the agreement, then that will not be covered by an umbrella policy.

Intentional or Criminal Acts

Umbrella insurance policies are meant to help you cover liabilities associated with accidents or bad luck. If you intentionally cause someone harm or intentionally damage property, then it will not be covered by your policy. The same is true if you injure someone or damage property in the commission of a crime. 

Injuries or Damage Associated from Your Business

If you cause damage to a person or property in the course of your work, then it will not be covered by your personal umbrella policy. It can be covered under your commercial general liability insurance in some instances or under a commercial umbrella policy. But, it will not be covered by your personal umbrella policy. 

Damage to Personal Property

There are times when you experience damage to personal property that will exceed the limits of your property insurance. However, this will not be covered by your umbrella policy. You can get special limit extensions for various types of property damage or loss as amendments to your policies or as separate policies. 

Buffalo Insurance Has the Umbrella Insurance Policy You Need

There are countless instances in which your actions might open you up to a lawsuit no matter how careful you are. Accidents happen and are a fact of life. What should not be a fact of life is losing everything because of a matter of happenstance or a bit of bad luck. Buffalo Insurance is proud to be a part of the community here in Norman, Oklahoma. Umbrella insurance is a great tool that can protect members of our community from financial ruin. That is why we work tirelessly to find the right policy for you and give you the protection you need under the most extreme of circumstances. 

At Buffalo Insurance we work hard so that you can live your life without constant fear of lawsuits and accidents. We want you to enjoy your life with the ones you love the most, and we know it is hard to do that when you’re constantly looking over your shoulder. Contact us today and put your trust in us so that you can feel the comfort and relief of what it is like to be a part of the herd.