You have your auto insurance, homeowners insurance, flood insurance, among others. But have you considered what would happen if you were sued for an amount larger than your current liability limits?

Umbrella insurance is what you need to deal with liability that exceeds the limits of your coverages. Note that umbrella coverage is not the same as excess liability coverage. The former may include risks that are not covered in the base insurance policies. For instance, if you’re accused of slander or libel, you may need to pay some amount in legal fees and damages. While the common insurance policies have no allowance for such risks, umbrella insurance will offer protection.

Would you like to learn more about umbrella insurance in Meridian, ID? Read on as our insurance experts at Idaho Select Insurance expound on this topic.

What Does It Cover?

Umbrella insurance will cover your household or business against lawsuits that touch on personal injury, property damage, defamation, landlord liability, among others.

The advantage of umbrella insurance is that it goes beyond paying your liability. It will pay for the legal costs as well. If the lawsuit ends up with you paying $1 million, umbrella insurance will go overboard and pay the legal defense fees. 

Other cases where umbrella insurance may apply are:

• Your son is involved in an auto accident, and the liability from the accident exceeds your auto liability limit
• A business sues you for defamation
• A guest visits your home, falls down the stairs, and sues you for medical costs that exceed your homeowners’ liability limit

Do You Need It?

Umbrella insurance isn’t mandated by law. However, you need it for your own good. If you own high-value assets, or you’re at a high risk of being sued, umbrella insurance is necessary.

Buy Umbrella Insurance Today

It’s rare to purchase umbrella insurance on its own. Most insurers offer it alongside major coverages such as auto, homeowners’ and renters insurance.

To buy umbrella insurance in Meridian, ID, reach out to Idaho Select Insurance for more information.