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Umbrella Insurance: Are You Under-Insured?

By September 29, 2021October 6th, 2021Personal Insurance
lady with an umbrella

Umbrella Insurance: Are You Under-Insured?

Being a homeowner and automobile owner can be nerve-wracking as it is. Living in a large city such as San Antonio can add to your already fragile nerves when considering how many hundred houses and cars you pass to and from your daily destinations. If you watch the evening news or scroll through social media from time to time, you’ve seen a lot of natural disasters plaguing the United States recently during hurricane season. Still, there’s a whole different genre of disasters that can happen outside of Mother Nature’s realm. We’re talking about freak accidents that occur in the comfort of your own home or car while you’re in the middle of trying to have a typical day and an everyday life. We’re talking about disasters covered by umbrella insurance

Umbrella insurance is insurance added to your standard home insurance or auto insurance for some added protection. Usually, your current policies cover up to a certain amount in liability, but some people like to have umbrella coverage for backup support. For example, say your home insurance policy covers up to $500,000, but one of your good friends had a slip-and-fall and received nearly $1 million worth of medical treatment and therapy. Would you be able to fund your friend’s expenses personally? You likely don’t have an extra $500,000 lying around, so you’d use the benefits of the umbrella policy to cover the remaining costs.  

The same goes for your auto insurance policy. For example, suppose you have $250,000 worth of coverage, but you have gotten into a collision that costs $200,000 in car damages plus $100,000 of medical bills to the other person involved in the accident. In that case, you could use your umbrella coverage to pay the remaining $50,000 claimed by the other driver. You get it. 

So how can you tell if you are under-insured or over-insured? You can start by evaluating the risks popping up in your personal life. Do you throw pool parties with all your friends as often as physically possible? Do you drive a little bit maniacally? Do you live in an area with high amounts of automobile accidents because of a poorly constructed intersection? Do you like to be over-prepared versus under-prepared in the event something goes wrong? There are several questions to consider when deciding if umbrella insurance is right for you. Our SOGO agents can help you evaluate your current coverage, along with your history and current circumstances. 

It’s all up to individual needs, and we understand that it’s a lot to think about. So take a minute to call SOGO Insurance today to see if umbrella insurance coverage is right for you. Do you own a business and wish commercial umbrella insurance was a thing? Look no further – it is. SOGO Insurance can help your business get the right commercial umbrella insurance policy for your company’s unique needs, like supplementing your existing business owner’s insurance, commercial property insurance, and business auto insurance. 

 

In case you missed it: Check out “Link Here” to read more about how SOGO can help you today.