Many people think of insurance as a financial instrument that provides funds for repairing or replacing physical property. When they fill out paperwork for a new job, it also comes to mind since insurance often comes as part of a benefits package.
The Hansen Agency LLC, serving Eight Four and Canonsburg, PA, wants to educate Pennsylvania consumers about a type of insurance they may not have heard of yet – umbrella insurance. This secondary type of insurance requires that you already own a policy that covers liability. This can be a homeowners’ policy, business owners’ policy (BOP), auto or motorcycle policy, recreational vehicle insurance, etc. If the policy includes liability coverage, you can obtain an umbrella policy.
The umbrella policy contains added liability coverage. For example, your home policy may include liability coverage in the amount of ten percent of your home’s value. You own a home valued at $200,000, providing you with $20,000 in liability coverage. That’s not much. You could quickly max out that coverage if someone fell down your steps and broke their leg. Your liability coverage would pay for their medical costs and any settlement plus attorney fees and court costs. Without an umbrella policy, once the home insurance paid the $20K, you’d have to pay the rest of the bill out of your pocket.
Umbrella insurance costs little but protects your finances. You can obtain a million-dollar policy with a premium of just a few dollars per month. This provides you with a vital cushion. Going back to the broken leg scenario, once the home insurance policy paid out the 20K, the umbrella insurance kicks in and covers the remainder of the settlement up to the umbrella policy amount.
Contact Pennsylvania’s The Hansen Agency LLC, serving Eighty Four and Canonsburg, PA, today. Let us help you obtain the umbrella policy you need to keep your financial security intact.
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