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At Collum Insurance Group LLC in Richardson, TX, we’re always glad to share the differences between types of insurance policies. If you are new to the insurance world, you might be surprised at just how much variety exists between insurance policies.
When you’re trying to figure out what coverage would work best for you and your household, it’s a good idea to ask about what options might be available. If you find that you need more coverage than your current policy limit allows, you may want to look into the umbrella insurance policies that we offer.
What is umbrella insurance?
Umbrella insurance gives you extra “mileage” for your existing home or auto insurance policy by providing additional coverage for personal liability, property damage, and other qualifying expenses. When you reach the limit on your home or auto insurance policy, an umbrella insurance policy can kick in to cover expenses that stretch beyond the existing policy’s limit. For a visual, you can think of an umbrella insurance policy as an umbrella that reaches over certain other policies. Like with any insurance policy, an umbrella insurance policy will have limits and terms that are unique to that specific coverage.
How does umbrella insurance differ from home or auto insurance?
The biggest aspect of umbrella insurance that separates it from typical home or auto insurance policies is its requirement to go on top of an existing policy. Unlike home or auto insurance, it can’t be the primary insurance policy. You’ll need to have another insurance policy that meets certain requirements before qualifying for umbrella insurance.
If you want an extra safety net through umbrella insurance, call our office at Collum Insurance Group LLC in Richardson, TX to start exploring your options with us.