Who Needs Umbrella Insurance? A Brief Overview

Umbrella insurance is a bit of a mystery: What does it cover? Who needs it?

If you’re a resident or business owner in West Bloomfield, MI, read on to find out whether umbrella coverage from Agency Advantage Insurance might be useful to you.

It Can Cover Your Home And Auto

Umbrella insurance is an all-encompassing type of policy. It is the type of insurance that can fill in and cover when other, more specific types of insurance run out of coverage.

For instance, if you get into an accident and your auto coverage won’t extend to the full price of the damage, you can put in a claim with your umbrella policy provider to cover the outstanding costs. This is especially helpful if you’re at fault in the accident and your auto insurance provider is giving you a hard time about coverage for the other party’s vehicle.

Umbrella coverage is also very useful for homeowners. In most home insurance policies, whether for a West Bloomfield MI home or beyond, there are certain excluded circumstances that will not be covered. For instance, no home insurance policies include damage due to a flood. In such a case, instead of purchasing an expensive flood insurance policy that you may or may not need, your umbrella insurance can kick in if necessary.

In business And In Life

Your umbrella insurance coverage from Agency Advantage Insurance can come in handy if you’re a business owner, too. Of course, if you run a legitimate business, you do need to obtain commercial coverage for legal reasons. However, if your commercial policy is a bit skimpy, your umbrella insurance can keep you from having to declare bankruptcy.

If you own a life policy and you are hurt or ill, your umbrella insurance can help pay for your end-of-life expenses. Furthermore, you can appoint a beneficiary on your umbrella policy. This way, your coverage extends beyond your life insurance, and it can benefit your surviving loved ones.

Ready To Buy An Umbrella Insurance Policy?

At Agency Advantage Insurance, our agents are happy to answer any questions you may have about umbrella insurance and how it can fit into your life. Give us a call or visit us in West Bloomfield, MI to discuss your limitless options today.