If you have a boat, auto, or home insurance policy in Wayne, PA, you may not understand when someone says you need umbrella insurance. However, like many things, your insurance isn’t perfect — it has limitations and exclusions. As such, you may need umbrella insurance from The Sirover Agency LLC to boost your conventional policies. 

What is umbrella insurance?

In simple terms, an umbrella insurance policy is an additional layer of liability insurance. It extends beyond the limit of your other standard insurance like home and auto insurance. It intends to pick up where other coverages leave off to protect your assets. It also provides coverage for claims excluded by your other liability policies like libel, slander, and false arrest.

Ultimately, umbrella insurance covers the below when accused by third parties: 

• Bodily injury liability 
• Property damage liability 
• Personal liabilities
• Legal costs

As you can see, umbrella insurance is the perfect coverage to have when facing storms. But does everyone need umbrella insurance? Let’s find out.

Who needs umbrella insurance?

There is a popular myth that umbrella insurance is for the rich and famous only. This notion isn’t entirely accurate. Umbrella insurance suits many people, from the modest, super-rich and anyone in between. Generally, you may need umbrella insurance if:

You have significant assets

Litigations can wipe your hard-earned assets when your typical insurance runs out. However, umbrella insurance can protect your assets even when the limits of your standard coverages are exhausted.

You own a business

Businesses operate in a risky environment. One such significant risk is lawsuits. Legal suits emanating from employees, customers, suppliers, and other parties can be substantial, wiping your business finances. 

You participate in risky hobbies

Do you participate in skiing, hunting, or surfing? When you take part in these hobbies, there are chances you can harm other people. Since the arising third-party costs can be significant, you need umbrella insurance for optimal protection. 

Umbrella insurance in Wayne, PA

The list above isn’t exhaustive — there are tons of other reasons you need umbrella insurance. To learn more about umbrella insurance, please get in touch with The Sirover Agency LLC for more information.

The Sirover Agency LLC serves the Wayne, PA community by offering residents multiple types of policies. We want to make sure that our clients are covered for whatever issues life may bring their way. We understand that your life may evolve, so your insurance needs will change. That’s why we are prepared to help you through every stage of your life. We proudly serve as an independent insurance agency.

Where is Umbrella Insurance an Asset?

Umbrella insurance offers a layer of protection in the event of a serious emergency. Accidents can happen at any time. However, it’s important to have a plan in place. Umbrella insurance covers you if you are involved in a serious liability dispute. Here is a look at four specific situations where umbrella insurance can assist you.

Your Home

Umbrella insurance can protect you if someone gets injured while visiting your Wayne, PA home. The policy also protects you if you cause serious damage to your neighbor’s property. If you have a pet, umbrella insurance will protect you if your pet injures someone. Umbrella insurance provides an extra layer of protection besides your existing liability coverage so that you can defend yourself against the charges.

Accidental Collision

Umbrella insurance covers you if your vehicle causes damage to someone else’s property.

Slander

If you work as a professional advisor, you face certain risks. You may be accused of slander if one of your tips turns out to be detrimental. Umbrella insurance will help you cover the allegations.

Hosting a Party

If you are hosting a party, umbrella insurance can prevent you from being held liable if one of the attendees causes damage.

The Sirover Agency LLC Will Help You Cover Your Assets

Visit our website to learn more information about umbrella insurance.

When you’re caught out in a storm, you need an umbrella to protect you from Cleveland, OH to Wayne, PA. That’s where the term umbrella insurance comes from. It’s added protection in the event of a crisis you never expected. We may be able to predict some storms, but not all, especially accidents. Having umbrella insurance gives you maximum coverage at all times. You can add it to your home, auto, or recreational insurance for extra peace of mind. 

Scenarios Where You’d Need Umbrella Insurance

Umbrella insurance works by kicking in when your other benefits run out. For example, someone injures themselves on your property and then sues you. To cover the cost of litigation, you will use your homeowner’s insurance. However, this may not cover the entire cost, at which point your umbrella insurance will kick in. Take another example. You are cruising the lake on your boat when another boater causes an accident and your boat is now damaged. Unfortunately, the at-fault driver doesn’t have any insurance. At this point, you would submit a claim with your boating insurance and if there isn’t enough to cover the damage, your umbrella insurance will kick in. 

Purchase and Umbrella Insurance Policy

To learn more about umbrella insurance, contact the reputable team at The Sirover Agency LLC, serving the Cleveland, OH and Wayne, PA area. We are standing by right now to answer all your questions and concerns, compare quotes, and bundle policies to save on your premiums. You probably already have a number of insurance policies that you can bundle together under one carrier.

The Sirover Agency LLC can be reached online or by phone at 610-240-7700.

Think of umbrella insurance like your rainy day savings fund – hopefully, you’ll never need it, but when disaster strikes, you’ll be thrilled that you have it. What is umbrella insurance? It’s quite simple – it’s insurance coverage that kicks in when the maximum coverage of your personal auto, business, homeowners, or boat insurance has already been exhausted. In short, it protects your wallet or pocketbook from expenses that may be too significant to overcome. 

How Does Umbrella Insurance Work?

Keep in mind that the umbrella insurance will cover not just yourself, but also any other members of your family or those living at your home. This means that if you have an elderly parent living in your home and they get into an accident, then you can feel confident that your umbrella insurance will pay for the third parties’ medical bills. Additionally, the accident does not have to involve your property, belongings, or vehicle for umbrella insurance to kick in. 

Is Umbrella Insurance Needed?

Generally speaking, umbrella insurance is a must-have option for anyone that has assets totaling higher than the limits of their homeowners and auto insurance policies. For this exercise, be sure to take into account all of your financial accounts to include retirement, investment, college savings, and others plus the estimated value of any properties that you own.

If umbrella insurance sounds like something you may need or you want to discuss your options, the team at The Sirover Agency, LLC in Wayne, PA is ready to answer all of your questions. Residents of Wayne, PA have been trusting The Sirover Agency, LLC for years, and we want to continue earning your business for decades to come. Give us a call today and schedule your no-obligation consultation.