1/26/2012 - Umbrella insurance: What is and is not covered
As the name implies, umbrella insurance
is something that provides additional protection for policyholders when their standard policies aren't enough or have reached their limit. When seeking out these types of plans, individuals may not be certain about what they do and do not cover. The National Association of Realtors attempts to clear this up.
NAR indicates that while umbrella insurance policies vary, they're typically quite extensive. For instance, for homeowners insurance
, umbrella insurance covers personal injuries and property damage caused by the policyholder or members of their family. Some insurance policies may also offer liability protection for scenarios that take place away from the property itself such as if the policyholder's dog injures someone after biting them.
Umbrella insurance also provides for legal expenses in the event policyholders are sued, such as lawyer fees.
As comprehensive as these policies are, however, they don't cover everything. NAR says that many umbrella insurance policies may exclude coverage for outside contractors who are working on a policyholder's property, such as a landscaper. They may also not cover certain recreational vehicles, such as jet skis or personal aircrafts.
For more detailed information on what's included in a Selective
umbrella insurance policy, talk to an independent Selective agent today.