Category: Umbrella Insurance

Accidents can happen to even the most conscientious, careful people, and insurance is a critical way for everyone should prepare for that possibility. But what if your primary policy isn’t enough to cover the associated costs?

That’s where umbrella insurance comes in. Much like that umbrella you keep in the back seat of your car in case of unexpected rain, an umbrella policy is there for you if your other policies aren’t enough.

If you’re in or near Oklahoma City, OK, and in the market for umbrella insurance, we at Vance Insurance Group LLC can help. In the meantime, here’s an overview of how umbrella insurance operates.

What Does Umbrella Insurance Cover?

Umbrella insurance is sometimes called “personal liability umbrella insurance” for a reason. Should you ever be responsible for damages exceeding the limits presented by other insurance policies – like your auto or homeowner’s insurance –umbrella insurance covers the overage.

Depending on the policy, umbrella insurance may also take care of additional fees associated with an incident – like legal fees. Some policies cover landlord liability, defamation suits, and more.

How Does Umbrella Insurance Work?

Umbrella insurance differs from other types of insurance in that it kicks in only if another of your policies fails to cover all costs related to an accident, suit, or other occurrence.

For example, if you’re in a car accident in Oklahoma City, OK that results in $300,000 in injuries and damage, but your car insurance can only cover half of that, you’d normally have to pay for the overage out of your own pocket. However, if you have umbrella insurance, that policy will kick in and cover you instead.

Keep in mind that standard umbrella insurance covers personal liability damages. It won’t cover your injuries and damages, nor will it cover liabilities related to your business. (There’s a special form of umbrella insurance for that.)

Ready to take the next step toward better protection? Contact us at Vance Insurance Group LLC today to speak with an experienced agent about your options.

Having home and auto insurance is important for protecting yourself financially from certain risks. These insurance policies offer several different kinds of coverage in each policy, and one of these types is liability insurance. When you need more liability coverage than you already have, you need umbrella insurance. To get started, call us today at Vance Insurance Group LLC in Oklahoma City, OK. 

How Umbrella Insurance Works

More Liability Coverage

Your home and auto insurance policies each have liability insurance, but it often isn’t enough. When you have these policies and want to increase the amount of coverage you have, adding more liability coverage directly to your policies can be very expensive. Instead of doing it that way, you can get an umbrella policy. This insurance adds more liability coverage to your home and auto policies. It gives you that extra blanket of protection, and it does it without the high cost of adding right to your other policies. 

Paying the Overage

When an accident happens with your vehicle or on your property, you can be held liable for the expenses that are due such as lost wages, medical bills, etc. After the accident, your home or auto insurance, whichever is applicable, steps in to pay for those expenses. The policy can only pay as much as the maximum coverage amount. However, this can leave an overage after the policy has maxed out. That’s where an umbrella policy steps in. It pays for those overages, and it has an extremely high maximum payout. Having umbrella insurance can save you from enormous bills that you may owe after an accident. 

Get More Coverage

Many people don’t have enough liability coverage, and it can cost them a lot of money in overages. Protect yourself against this by calling us at Vance Insurance Group LLC in Oklahoma City, OK.

Those that live in the Oklahoma City, OK area will always need to have proper personal insurance coverage. A form of insurance that people here need to have is umbrella insurance. When you have this type of coverage in place it can offer you additional personal liability insurance protection. There are many reasons why it is necessary to have this type of coverage here. 

Coverage Protects Against More Risks

A reason that many will enjoy having umbrella coverage is that it can protect you against more risks. While you may have some liability protection through other insurance policies, it will not cover all situations that could arise. With an umbrella plan, the coverage is much wider and will protect against many more scenarios that could result in a claim. This can offer great protection and provide you with peace of mind. 

Cover Major Claims

You will also want to have an umbrella plan to get protection against major claims. There is always going to be a risk that you could cause an accident that comes with significant damages that exceed the coverage that you have in your existing insurance plans. Fortunately, umbrella insurance can be used to cover the gap between the coverage you already have and the damages you are responsible for. 

People that live in the Oklahoma City, OK area will want to ensure they have proper insurance protection at all times. As you are looking for an umbrella insurance plan in this part of the state, speaking with Vance Insurance Group LLC would be helpful. When speaking with the team at Vance Insurance Group LLC you can learn a lot about your different insurance options. This will ensure you choose a plan that provides the ideal coverage for your situation. 

Being a landlord in Oklahoma City, OK means dealing with many different types of insurance policies to protect yourself and your tenants. However, many landlords overlook the importance of umbrella insurance. While anyone may benefit from umbrella insurance, landlords stand to benefit the most from umbrella insurance. If you are a landlord and are not sure why you need umbrella insurance, Vance Insurance Group, LLC will share with you instances when a policy can save you financially.

Tenants suing landlord is common

Being a landlord comes with its fair share of challenges. Dealing with difficult tenants is one major challenge, as it all can lead to expensive lawsuits. A tenant can sue you for many things, including:

• A child who is playing in your compound trips, falls, and gets injured 
• A tenant slips and falls on the stairs in your rental property
• A tenant who thinks you lied to them or told lies about them
• If you wrote something untrue or discriminatory 

 Sometimes landlords are sued for discrimination. Sometimes things can get bad where you are arrested falsely, detained, or imprisoned. Whatever reason, having personal umbrella insurance can help finance any lawsuit thrown your way.

How else can a landlord benefit from umbrella insurance?

Lawsuits reign in Oklahoma City, OK and across the US. Umbrella insurance does not stop at your rental property because it is a personal policy. That means that umbrella insurance can be used in almost every aspect of your life where lawsuits could be imminent. For instance, if a guest is injured in your home and sues you for injuries, umbrella insurance can come in and fix the legal fees.

Are you looking to buy umbrella insurance soon? Vance Insurance Group, LLC is here to help. Feel free to contact us or visit our office for more information, queries, quotes, or new policy discussions.