![]() ![]() Is umbrella insurance the same as excess liability insurance? Umbrella coverage would apply in this situation and cover that remaining cost. If you only carry $300,000 in liability damage, you’d have to pay that remaining $200,000 out of pocket. All in all, you're liable for $500,000 in damages. After the dust has settled, you end up being served a lawsuit to pay for their medical bills and other damages like loss of income because they can’t work for a few months. Let’s pretend a houseguest slips and falls down the stairs and ends up with injuries because your handrail was broken. ![]() The coverage will also extend to all members of the household - though you’ll want to look into what your specific policy defines as a household member. How does umbrella insurance work?īasically, umbrella insurance will take care of the rest if you find yourself in a lawsuit or on the hook for a higher amount of money than your policy will payout.Īn umbrella insurance policy may also cover types of lawsuits that a standard personal liability policy won’t cover, such as libel or slander. Read on for more information about umbrella coverage and how it may be right for you. This protection can be applied to damages, medical bills and lawyer fees if you’re sued for more money than your standard policy will pay out. Umbrella insurance is a type of insurance designed to make sure you’re protected in the event your purchased home, boat or auto policy doesn’t cover the full amount you need. ![]()
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