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Umbrella insurance is a type of liability insurance that goes beyond the limits of home, auto, or boat insurance. It is also known as excess liability insurance. Primarily it offers an additional layer of security for those who are at the risk of being sued for damages such as property damage or injury caused by an accident. Those who own expensive assets, have significant savings, or own things that can be dangerous to others will benefit most from this type of insurance.
The typical clients of umbrella insurance are landlords, kids sports coaching companies, nonprofit board members, high-risk sports such as hunting, surfing, etc. You might end being sued more than you have or more than any of the insurance can cover, that’s where the coverage of an umbrella policy kicks in. Without such type of insurance, they could go after your retirement, investment, savings, and future earnings. It can be beneficial when the original insurance coverage has been fully maximized. The umbrella insurance picks up where other insurance ends. The exact nature of the policy will depend on which policy is picked.
To better guide you through this decision or to check if you need this type of insurance, Wayne Realty & Insurance, serving Goldsboro, NC, are experts in the field of umbrella insurance and local regulations of the state of North Carolina. This is a more complex insurance and one which would require detailed analysis. You must seek the assistance of experts to get the best insurance policy suited to your needs. Contact the office of Wayne Realty & Insurance and let our agents help you get started.