What is umbrella insurance and why should I have it?

For those who live in the Oklahoma City, OK area, Hexis Insurance has a lot to offer. We are locally owned so we know the market and we believe in helping our customers to find the perfect policy to meet their particular needs. As independent agents, we do the work of checking multiple carriers for you and make suggestions about what will work for you

Umbrella insurance is a very misunderstood kind of insurance. The name really doesn’t tell you anything about what this insurance covers. It is definitely not insurance on your umbrella. What it is is excess liability coverage. What that means is that you have a primary policy with liability protection like home or auto insurance and an umbrella policy offers an additional layer of protection. You can’t have an umbrella policy unless you already have a policy with liability. 

Liability protection helps you in the event someone is injured and sues you. If you have a traditional amount of liability coverage on your primary policy, it may not be enough if there is a large judgment against you. Given how prone people are to suing these days and the size of the judgments that are awarded, it makes sense to protect your assets with an extra layer of protection. ‘

Your primary policy will pay out until it reaches its limit and then the umbrella policy will kick in. Most umbrella policies are a minimum of a million dollars and can go a lot higher depending on the number of assets that you need to protect. You work too hard to accumulate your wealth to lose it all to an unfortunate occurrence. 

When you are in the market for umbrella insurance, Hexis Insurance in Oklahoma City, OK, can help you to get the coverage you need.