Umbrella insurance in Cincinnati, OH is often associated with high-net-worth individuals seeking extra protection against lawsuits. However, these policies offer broader benefits and can help safeguard your assets in several situations. Understanding how umbrella insurance works can help you decide whether it’s right for you.
Defamation and Personal Liability Lawsuits
Umbrella policies typically provide additional personal liability coverage. They may help pay for legal defense costs and may cover a judgment or settlement if you are sued for defamation. Policies usually exclude intentional or malicious acts, so it is important to understand what they do and do not cover. An agent at McCluskey Insurance Services LLC can explain common exclusions in more detail.
Additional Coverage After Car Accidents
If you are found at fault for an auto accident and the damages exceed your auto insurance limits, umbrella insurance can provide additional liability protection. Your auto insurance pays up to its coverage limit first. If the other party’s medical bills or property damage exceed that limit, umbrella coverage can help pay the remaining amount.
Umbrella insurance only provides liability coverage. It can help pay for another person’s injuries or property damage, but it does not cover your own losses.
Protection for Homeowner Liability Claims
Umbrella insurance can also help with liability claims related to your home. If a guest is injured on your property and your homeowner’s insurance policy limit is not high enough to cover the damages or settlement, umbrella insurance can help pay the difference. Your homeowner’s policy will always pay up to its limit first before umbrella coverage applies.
If you have questions about umbrella insurance or want to clear up common myths, the agents at McCluskey Insurance Services LLC are here to help. Contact us today. We proudly serve the Cincinnati, OH area.
