To understand how umbrella insurance works, consider this scenario:
Imagine you're held responsible for a multi-vehicle accident with damages totaling $850,000, but your auto policy covers only $300,000 in liability.
Without umbrella insurance, you must pay the remaining $550,000 out of pocket. However, an umbrella policy could extend your liability coverage beyond the $300,000 provided by your auto policy, covering the additional costs up to the limit you choose (typically from $1 million to $5 million).
In this case, the umbrella policy would cover the remaining $550,000, protecting your assets.
One of umbrella insurance's attractive features is its price. You gain significant additional coverage for a relatively low cost, transferring the risk to the insurance company.
Umbrella insurance is a wise choice in our litigious society. It provides valuable coverage in situations where primary insurance falls short.
If your coverage is insufficient, a single accident could bankrupt you. With rising medical costs, it's prudent to consider umbrella insurance.
Call us at (541) 754-3010 to get your quote. Our team will compare the available markets to discover the greatest coverage for you.
Remember that most insurers require at least your auto insurance to qualify for an umbrella policy. Stand-alone umbrella policies are also available for special situations.
