If you have significant assets, you may be considering umbrella insurance. This type of insurance extends liability coverage beyond your home insurance policy. But how exactly is umbrella insurance different from home insurance? It’s a great question!
The professionals at Homeowners Insurance Group, serving Scottsdale, AZ, are here to help. We assist our customers by answering their insurance-related questions and helping them choose the right umbrella insurance policy to meet their specific needs. Here’s what you need to know.
What Is Home Insurance?
Home insurance provides financial protection against covered events. For example, if events like fire or lightning strikes damage your home, home insurance can pay to repair or replace your home and belongings.
Home insurance also includes liability coverage. If someone is injured on your property or suffers property damage due to your actions while on your property, home insurance can cover medical bills, repair costs, and other expenses.
Home insurance is typically required for homeowners who have purchased their house with a mortgage.
What Is Umbrella Insurance?
Umbrella insurance extends the liability coverage provided by your home insurance policy. When your home insurance liability coverage is exhausted, your umbrella insurance policy kicks in to provide additional coverage, up to the limits of the umbrella policy.
Who Needs Umbrella Insurance?
Unlike home insurance, umbrella insurance is not typically required if you have a mortgage. However, it can be beneficial if you have assets that exceed the liability coverage limits of your home insurance policy. An insurance agent can help you determine whether umbrella insurance is a good option for your situation.
Contact Homeowners Insurance Group Today
Do you need umbrella insurance? If so, the Homeowners Insurance Group, serving Scottsdale, AZ, can help. Our insurance professionals are here to answer your questions and guide you through the process. Call us today to schedule an appointment and get started.
