Umbrella Insurance Can Protect You from the Unexpected

Umbrella Insurance Policy Odessa & Midland, TexasWhat is Umbrella Insurance, and how can it benefit you? Here is information that should clear up any questions you may have.

Umbrella insurance is a liability insurance supplement to your basic liability policies that would include your auto, home or renter’s insurance. An umbrella liability policy is extra protection that covers a much higher limit than basic auto or home claims.

You will be protecting your assets with an umbrella insurance policy in case of an unforeseen event. For instance, a tragic accident in which you are held responsible for damages or bodily injuries would be covered by your umbrella policy.  If you are faced with a lawsuit, your umbrella coverage will pay for the damages which are your legal responsibility, up to the limit of the policy.

An umbrella policy provides what is called “excess liability”. If you are faced with claims for bodily injury liability or property damage liability, your umbrella insurance will cover these. Umbrella policies also provide a more extensive coverage and can help cover legal fees, false arrest, libel, and slander.

An umbrella policy only pays once your basic liability limits have been exhausted or the claim is excluded from the basic liability coverage. The claim will be made against you, the policyholder, on behalf of the wronged party. Then your insurance company may pay the settlement amount up to the limits of your coverage. If the settlement amount exceeds your coverage limits, you are responsible for paying the remaining amount out of pocket.

Everything you own: your house, car, investments, stocks, checking and savings accounts and even your future income are all assets. It’s good to consider that if you are sued for a large amount of money and your liability insurance won’t cover your loss, and you do not have umbrella insurance, all your assets are at risk.

An umbrella insurance policy could prevent financial ruin if you were faced with an unexpected event. People who choose to carry umbrella insurance can enjoy the peace of mind that comes with knowing they are protected against an unforeseen, damaging scenario.

If you still have questions, give us a call to find out more from your reliable, independent insurance agent.

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Home Insurance Protects You from the Halloween Goblins

Home Insurance Protection in Odessa & Midland, TXHalloween can be great fun for everyone, especially the anticipation of what new funny, scary or unique face will show up at the front door. Fortunately, for most homeowners, the scary unknowns are covered by their homeowner’s insurance policies. Vandalism and so-called ‘tricks’ at Halloween can damage your home, so it’s comforting to know that standard policies cover vandalism, such as dents in your siding caused by eggs thrown at your home, when repair costs exceed your deductible.

All too often candles or decorations cause a fire. A fire started by a Halloween candle or a string of holiday lights is covered. If the fire makes your home unlivable, your homeowners policy will pay your living expenses while you wait for repairs. If a trick-or-treater gets hurt on your property they are covered by the homeowner liability portion of your policy. The same applies to guests attending our Halloween party. The injured person files a claim with your insurer.

Should you crash your car into a telephone pole to avoid hitting a trick-or-treater in your driveway that accident would be covered by the collision portion of your auto insurance (if you have it). If you hurt anyone, the liability portion of your auto insurance would cover the cost of their treatment. If things like this were to occur, your umbrella insurance (if you have it) would kick in to cover costs.

To make your property safe for Halloween, the Insurance Information Institute has these recommendations:

• Pick up anything in your front yard, sidewalk, stoop, or porch that a person could trip over.
• Turn on your outdoor lighting so kids can see where they’re going.
• Use battery-powered lights in your jack-o-lanterns.
• Don’t put matches, lighters, or candles in places children can reach.
• Pets, candles, and trick-or-treaters don’t mix. Keep pets away from the front door on Halloween.
• Look for safety certifications, such as UL (Underwriters Laboratories), on your decorative lights.

A fun and memorable time can be enjoyed by all with a little forethought and responsible behavior. After all, Halloween comes around every year so you can get better prepared for positive outcomes each time. Anything less could create very scary circumstances.

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