How Does Umbrella Insurance Work?

Umbrella insurance is a type of insurance that works a little differently from most types of policies. Instead of being independent, this policy works with others you already have. When you have an auto and a home policy, you can get an umbrella policy to add extra protection. This is a cost-effective way to get more insurance to protect you against financial risks. Call us at Associated Insurance Agencies Inc. in Westerville, OH when you need umbrella insurance. 

More Liability Coverage

When you have both home and auto policies, each has its own liability coverage. The problem is that these policies too often come with too little of this coverage. Both home and auto insurance have several kinds of coverage, and liability coverage may only be the minimum amount required for you. This may not be enough to pay for a severe accident with expensive results. This can put you in a challenging financial situation. If your liability coverage maxes out before all the bills are paid, you will owe those overages yourself. When you get umbrella insurance, it adds extra liability coverage to both of those other policies at the same time. 

Paying Overages

If you have an overage after your home or auto policy has reached its maximum payout, umbrella insurance can come in and pay the rest of what you owe. This can save you thousands of dollars in overages that would have been your responsibility. Umbrella insurance is low-cost and comes with an extremely high maximum payout. 

Get More Liability Coverage

Call us at Associated Insurance Agencies Inc. in Westerville, OH, for more liability coverage with an umbrella policy. 

Umbrella Insurance vs. Standard Insurance: What’s the Difference?

Understanding the differences between umbrella and standard insurance is essential for protecting your assets and financial future. Associated Insurance Agencies Inc., an insurance provider in Westerville, OH, is committed to ensuring clients are well-informed about their insurance options. Learn the critical distinctions between umbrella and standard insurance and what is important about each.

Umbrella Insurance: Broad Protection

Umbrella insurance provides an extra layer of protection beyond the limits of your standard insurance policies, such as home, auto, and boat insurance. It covers claims that may not be fully addressed by your other policies, offering:

  • Additional liability coverage
  • Legal defense costs
  • Protection against slander and libel
  • Coverage for rental units you own

Standard Insurance: Specific Coverage

Standard insurance policies are designed to cover specific assets or situations. These include:

  • Homeowners Insurance
  • Auto Insurance
  • Life Insurance
  • Health Insurance
  • Renters Insurance

Key Differences: Coverage Limits, Scope, and Flexibility

  • Coverage limits: Standard insurance policies have set limits, while umbrella insurance extends coverage beyond these limits.
  • Scope: Umbrella insurance covers a broader range of risks compared to standard insurance policies.
  • Flexibility: Umbrella insurance can be customized to fit your needs, whereas standard policies often have predetermined coverage options.

Evaluating Your Insurance Needs

As your life circumstances change, so do your insurance needs. Therefore, it’s essential to periodically review your coverage to ensure it remains adequate and relevant. When assessing your insurance requirements, consider family dynamics, career progression, and any additional assets you’ve acquired. By staying proactive and adjusting your insurance policies as needed, you can have peace of mind knowing that your financial future is well-protected.

Give Associated Insurance Agencies Inc. a Call Today!

Don’t leave your assets and financial future to chance. Contact Associated Insurance Agencies Inc. in Westerville, OH, at 800-935-2335 today to discuss your insurance options and find the right coverage for your unique needs. Together, we can help protect what matters most to you.

Why You May Need Umbrella Insurance

If you already have the insurance policies you need to protect your assets, you may think you don’t need any other insurance policies. However, an umbrella insurance policy works with the insurance you already have to protect you even better. You could still be underinsured against a severe event if you have home and auto policies. If you want to be better protected with an umbrella policy, call Associated Insurance Agencies Inc in Westerville, OH.

Coverage for Home and Auto

If you’re like most people who own a home and a vehicle, you know how important it is to keep them both insured. When you have both a home and auto policy, you may think you have plenty of liability insurance in case of an accident. However, the policy you have may have very little in the way of liability coverage. If this is true, then your insurance might not be able to cover all of the medical bills that you will owe after an accident. To remedy this, there is umbrella insurance. It has more liability insurance than either your home or auto policies, and it adds it right on to both of those policies.

Paying Overages

If there has been an accident that you are liable for, the first thing that happens is that the home or auto policy steps in to pay for the medical bills of the injured party. If there isn’t enough coverage to pay for all of them, that will leave an overage. If you don’t have umbrella insurance, you are liable for paying the overage. If you do have this insurance, the policy will pay that overage. 

Get Covered Today

Call us at Associated Insurance Agencies Inc in Westerville, OH to get started with umbrella insurance.

Is it helpful to have umbrella insurance in Ohio?

People that live in the Westerville, OH area will want to ensure that they are adequately prepared for the unexpected. A great way that this can be done is by ensuring you have proper personal liability coverage. You can protect yourself by getting an umbrella insurance plan, which provides personal liability insurance protection. There are various reasons why this coverage can be helpful. 

Coverage on top of Base Plans

You should consider getting an umbrella insurance plan because it will provide you with coverage on top of your base insurance plans. When you have an auto or home insurance plan, it will give you some level of liability coverage. However, there is always a chance you could be involved in an accident with damages exceeding your existing coverage. An umbrella insurance plan gives coverage on top of this. 

Broad Liability Coverage

You should also have an umbrella insurance plan because it will provide broader coverage. While having a home or auto insurance plan with liability coverage is helpful, you need to mitigate other personal liability risks. A great way to receive coverage for more risks is by obtaining an umbrella insurance plan. With umbrella insurance, you will get coverage for more of these situations. 

Those in the Westerville, OH area will want to know that they have the right insurance at all times. As you are looking for a new umbrella insurance plan here, it would be wise to start your search by calling the team with Associated Insurance Agencies Inc. The professionals with Associated Insurance Agencies Inc. understand this unique type of coverage and can ensure you build a plan that offers the proper liability coverage. 

Demystifying Popular Umbrella Insurance Myths

Various myths can confuse you when looking for umbrella insurance coverage in Westerville, OH, particularly if you are a newbie. For this reason, Associated Insurance Agencies Inc. highlights popular insurance myths to avoid.

Myth#1: Umbrella insurance is only for the rich and famous

This is not true at all! The truth is that an umbrella policy can be beneficial even when your net worth is low or moderate. Since anyone can be sued, umbrella insurance is ideal for anyone earning a livelihood.

Myth#2: Umbrella insurance is costly 

Another common myth. Since umbrella insurance rides on other coverages, it’s not that expensive. In fact, for the liability coverage it gives you, the amount of premium you pay is only a fraction of the price.  

Myth#3: I’m too young to need umbrella insurance 

That’s just plain misleading. Young people face unique challenges such as buying homes, participating in risky hobbies, starting families, owning dangerous pets, and starting businesses. This means that young people are exposed to the same risks as older folks, and considering umbrella insurance is a great choice.

Myth#4: I already have enough insurance, so I don’t need umbrella coverage

Most people think this way because they believe that their existing insurance policies cover everything. But there are always gaps between what we expect our current insurance to pay and what actually happens.

For instance, you may have liability coverage in your auto insurance, but it may only stretch far when involved in a severe accident. It’s in such incidences that umbrella insurance steps in to save your assets.

Myth#5: I’ll never use my umbrella policy 

How could you say something like that? An umbrella insurance policy protects you against unexpected events that exceed your primary liability limits. These include lawsuits, medical bills, property damage, and lost wages due to injury that can occur to anyone.  

Now that you know the truth regarding umbrella insurance, don’t let anyone confuse you. Reach out to Associated Insurance Agencies Inc. in Westerville, OH, for umbrella insurance coverage and other clarifications you might need. 

Benefits of Getting Umbrella Insurance

Umbrella insurance may seem like a general coverage designed to protect only expensive assets for Westerville, OH residents, while it is, in fact, one of the essential policies that protect you during your everyday life. To help you understand what you stand to gain from getting umbrella insurance, Associated Insurance Agencies Inc. outlines three benefits of this cover.

Protects Your Assets

When you cause an accident involving significant property damage or bodily injury to others, your underlying auto or home insurance limit could easily get exhausted, leaving you with huge expenses to take care of. This would likely mean letting go of some assets to cover the remaining damages, causing a substantial dent in your finances. Umbrella insurance, however, covers you against such occurrences, keeping your assets and income intact when your primary insurance can no longer protect you.

Provides Flexible Coverage Options

Unlike other policies, umbrella insurance allows you to scale up or down your needs based on your primary insurance options. If, for instance, your underlying policy does not cover options such as libel, false arrest, and liability claims for your rental units, umbrella insurance will take care of these claims. With this in mind, you get extra liability coverage under one cover, not just for yourself but also for other covered members of your family.

Protects You From Costly Lawsuits

Getting a lawsuit in today’s society is more common than you think, a factor that may be also be linked to their increased costs. If you own a business, are a public figure, or occasionally host parties within your Westerville, OH residence, these factors are likely to expose you to lawsuits. With umbrella insurance, you can protect yourself from any liability claims, ensuring you live your life without any fear.

Your insurance should cater to all aspects of your life without leaving any gaps that could crumble down when an emergency arises. To enjoy these benefits of umbrella insurance, consider reaching out to Associated Insurance Agencies Inc. today.

Is Umbrella Insurance Worth It?

You may consider your base insurance policy to be enough, but umbrella insurance is a unique coverage that can help when you most need it. Umbrella insurance policies only go into effect when your homeowners or commercial policies reached their maximum pay limits. As an example, if someone is injured on your property due to your negligence, it will pay any medical or legal expenses. Likewise, if your home is destroyed by fire or severe weather, it will pay to rebuild. However, when the policy is exhausted, you will be responsible for any additional funds. This can be devastating for most families. An umbrella policy covers any expenses above the base policy. In the Westerville, OH area, our team at Associated Insurance Agencies, Inc. can help you decide if an umbrella policy is suitable for you.  

In the above examples, consider the following. If someone is injured, their medical and legal expenses could run to $500,000. If your policy provides $300,000, you will be held responsible for the additional funds. An umbrella policy would provide additional money and protect your assets. 

In the Westerville, OH area, our agents at Associated Insurance Agencies, Inc. can answer any questions you may have about umbrella insurance policies. They will take the time to get to know your situation so that you can decide if an umbrella policy is right for you. You can explore your options on our website, but to truly understand the details of umbrella policies, contact us. Your agent will discuss your options and talk about how umbrella policies function. With the right information, you can decide the type of coverage that you need. With the right coverage, you’ll have the financial protection that you need. Call us today to get started!

3 Tips for Buying Umbrella Insurance in Ohio

Umbrella insurance is extra insurance that kicks in once you’ve exhausted your primary policy. This insurance is good to have for those unexpected events such as someone who gets injured on your property, resulting in expensive litigation. However, umbrella insurance is affordable and adds peace of mind by knowing that no matter what happens, you, your family, and your assets are protected. Read on to learn about three ways you can save money on your umbrella policy while getting the insurance you need.

1. Compare Several Quotes

Your insurance agent can help you compare several umbrella insurance policy quotes. Expect to go over the fine detail, including what is covered, what is not, and how much the policy costs. This a great time to get all of your questions answered.

2. Bundle your Policies

To save money on your insurance, consider bundling your policies under one insurance company. Your insurance agent can help you do this. Either stay with the company you currently have your policies under or find a new company that offers additional savings. 

3. Work with a Reputable Agent

To make sure you get the best policy for the best price, work with a trusted and reputable agent. Insurance agents make it their job to understand umbrella insurance and pass that understanding, along with savings, on to you. They will answer all your questions and concerns and take their time going over different policies. 

The agents at Associated Insurance Agencies Inc. in Westerville, OH are standing by to help you find the best umbrella policy for your particular needs. The team at Associated Insurance Agencies Inc. can be reached by phone or you can visit our office in Westerville, OH. Give you and your family peace of mind knowing that no matter what happens, you and your assets are protected.