Umbrella Insurance Basics

Life can throw some expected challenges our way. It is impossible always to be prepared for everything, but insurance products can help us be prepared for a lot of it. At Hexis Insurance serving the greater Oklahoma City, OK community, we are here to help you make wise insurance choices. Products such as umbrella insurance can help protect you from the truly unexpected twists and turns that life can take.  

What Is Umbrella Insurance?

Umbrella insurance is a unique type of insurance product. This type of insurance provides coverage when other types of insurance have been exhausted. This can be a great safety net especially if you have a lot of assets you wish to protect. 

When Would I Need Umbrella Insurance?

Each type of insurance coverage has a limit on what the policy will pay on a single claim. If that amount is exhausted, and there are still expenses that need to be paid, you will be left with the difference to pay. This could create a huge financial burden if you were unprepared for such an expense. 

If this happens, an umbrella policy can kick in to pay the expenses. 

Who Needs Umbrella Insurance?

This type of coverage is helpful for anyone who wishes to be protected fully against unexpected expenses. It is especially helpful, however, if you have a lot of savings or investments you wish to protect from liability expenses. It is also recommended for people who are involved in high-risk careers or hobbies. 

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If you would like to learn more about umbrella insurance, please contact us at Hexis Insurance serving Oklahoma City, OK. 

How Does Umbrella Insurance Work?

Umbrella insurance may help protect you against the cost of having to make multiple claims against a single insurance policy. For example, you might purchase insurance that covers your home against fire but also covers your furniture against fire, as well as your carpets against theft. To get expert advice in Oklahoma City, OK and surrounding cities, call the team at Hexis Insurance. 

What Does Umbrella Insurance Entail 

An umbrella policy will cover you in the event that any of your covered risks causes a loss. Most policies will cover a certain amount of money for each risk, and if one of your covered risks causes a loss, your insurance company will help you pay for the loss from the other covered risks. This can help protect you if one of your covered risks causes a loss by increasing the amount of money you have to pay for the loss. 

The umbrella insurance can protect you against many different types of risks, including things like loss of income, liability, medical bills, property damage, and more. Most umbrella policies have limits on what they will cover, so make sure you know what yours cover and what it doesn’t. 

A primary insurance policy provides coverage for a single event, such as a car accident or fire. An umbrella policy fills in as a backup when the primary insurance policy does not cover something. The most common types of umbrella policies are property, liability, and medical. Oftentimes, you can find a cheaper umbrella policy than the one you have now. 

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Umbrella policies can help protect you in case of a loss from another cover. For instance, if you have a boat, the policy covers beyond your watercraft’s liability cover. Umbrella insurance can also cater liability claims not covered by policies such as false imprisonment, slander, and libel. For assistance in the greater Oklahoma City OK community, call Hexis Insurance.

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.