Umbrella Insurance

Maintaining the proper type of insurance coverage is one way to protect your finances and plan for the future. Many types of insurance products are available for different areas of your life. What should you do if one of your insurance policies is exhausted by a claim event before all expenses are paid? At Save-on Insurance Services, Inc, we help residents of California learn more about helpful insurance programs such as umbrella policies. Keep reading to find out how an umbrella policy can help you.

What Is An Umbrella Policy?

An umbrella policy is a type of insurance product designed to cover expenses not paid through another existing policy. If a claim event takes place and the costs for the event are more than the coverage amounts allowed, you could be left responsible for the remaining amount. If the amount is substantial, it could cause financial strain for you and your family.

An umbrella policy is a general insurance policy that can kick in to cover expenses that the original policy could not cover. For instance, if you are in an automobile accident that results in injuries to others, your auto insurance will pay for the medical expenses. However, if the medical expenses exceed what your policy will cover, an umbrella policy could take over from there to pay the remaining amount.

Who Needs Umbrella Insurance?

Umbrella insurance is helpful for anyone who wants to protect their money and assets against catastrophic claim events. This type of policy can be especially helpful for people with a great deal of savings, investments, or assets they wish to protect.

The type of policy is also helpful for people at high risk for liability. This could include those working in certain types of occupations and industries. If you want to learn more about umbrella insurance in California, don't hesitate to contact us at Save-on Insurance Services, Inc.