The purpose of an umbrella insurance policy is to extend coverage beyond the limits you already have. Insurance companies usually offer auto and home insurance up to a limit sufficient to cover most claims. An umbrella policy can give you an extra layer of protection for your assets.
An umbrella policy is not just for the rich. The existence of assets that can be lost due to litigation is a classic indication that must be considered. If you are also looking to buy a personal umbrella policy in Rhode Island, visit https://ri-insurance.com/personal-umbrella-policy.
Umbrellas are inexpensive shelters for the amount of protection they offer. For example, you could pay $2,000 a year or more for $500,000 liability insurance for some cars and homes. For a few hundred more, you can add an extra million!
Umbrellas don't cover everything. If you own a business, personal guidelines may not apply. Criminal damages, willful damages, and other exceptions may apply.
Most companies require a certain limit of liability on your existing policy before offering an umbrella. It is often a good idea to have all of your policies in the same parent company.
This can result in discounts and avoid collecting and passing other policies on to the parent company. So contact a good insurance agent and explain all the terms, coverage, and conditions if you want this type of policy.