Contact
Mike, Andrea, or Mandee at the Triplett Companies and ask about umbrella
coverage, its value for you and its cost.
Tuesday, January 8, 2013
Umbrella Insurance
The word “umbrella” is indicative of the
type of coverage available to a client that would “cover” (as does the
umbrella) him/her above her/him current insurance coverage levels.
There
are two types of such umbrella coverage.
One type covers the client for claims above
his/her current insurance policy coverage levels up to the umbrella level (say,
any claim above the $100,000 current coverage up to the umbrella coverage of
say $1,000,000 for an additional $900,000 coverage).
The second type of umbrella covers all claims
from zero to the upper dollar limit of the umbrella. This type of umbrella coverage is often
called “true umbrella” coverage.
More
and more individuals and companies are securing umbrella insurance
coverage. The price for such coverage is
very reasonable and will provide considerable peace of mind to the insured.
Subscribe to:
Post Comments (Atom)
Is there any way to get umbrella insurance if I don't own a home or rent an apartment?
ReplyDeletePPI Claims Made Simple
William,
ReplyDeleteYou asked if a person could obtain an umbrella policy without owning a home or renting an apartment. The answer is no. You at least need to have a renter’s policy to obtain an umbrella policy. This is actually a blessing in disguise.
Even if you personal don't own a home or rent an apartment, you probably need a renters policy. For example, let’s say you’re living with a friend. If you don’t have a renters policy, you don’t have any personal property or liability coverage. You may say, “I don’t have anything worth insuring.” Think about this scenario.
Let's say you forget to turn off the oven or leave a candle burning and a fire starts. It is determined that the fire resulted from you leaving the oven on or the candle burning. You are now being held liable for the fire; therefore, you are responsible for paying the damages. But, you’re broke; you don’t have any money. What happens now? When you inherit money or start earning money, the insurance company is going to take that money away from you to pay for the damages from the fire you caused.
A typical renters policy will cost you about $10-15 a month. That’s a small price to pay for peace of mind.
Here is a link that will take you to Insure.com. It has more detailed information regarding the benefits of a renters policy.
http://www.insure.com/home-insurance/renters.html
If you would like to learn more about renters insurance please send me an email at andrea@triplettins.com or give us a call at 515-232-5240.