Umbrella insurance is not a requirement for the residents of Bellevue, WA, but many people choose to purchase this insurance for its many benefits. Umbrella coverage works alongside your various policies and becomes effective when your other protection is exhausted. Your VIP Insured agent can do more to explain the particulars of your insurance policy.
Umbrella Insurance: Why You Might Need It?
In the event that you file a claim on a particular type of insurance, you will have certain limits on your standard agreement. For homeowners, automobiles, and various other indemnifications, these are usually designed to take care of mishaps that occur with more regularity. For this reason, their caps can be exceeded when something out of the ordinary happens.
Umbrella insurance is a good investment in the parts of your life where an incident could potentially leave you with large out-of-pocket expenses after regular insurance is insufficient to cover costs. This could be if you have a collection of valuables that surpass normal homeowners’ allotments or if you have a particularly rare vehicle.
Other times that umbrella insurance may kick in is when you face a lawsuit for the remainder of medical bills or property damage left uncovered by your automobile insurance. Though it’s always necessary that you meet your deductibles on your primary insurance before they pick up costs, umbrella insurance usually does not have such provisions.
When a driver who is uninsured or underinsured causes a collision with major financial ramifications, umbrella protection can help alleviate the impact. The Insurance Research Council estimates that as many as 1 in 8 drivers is operating a motor vehicle without insurance.
We Are Available to Help
VIP Insured faithfully serves those who live in the greater Bellevue, WA community, and we invite you to stop by the office, visit us online, or call. We look forward to meeting your indemnification needs.
