Will Your Insurance Policy Replace All That You’ve Lost?
Guerra Insurance professionals work with many types of insurance when dealing with their clients in Westchester County. Umbrella insurance is one vehicle that Guerra Insurance recommends to cover loses and liabilities that a client’s homeowner or auto policy does not. Umbrella insurance is a policy that covers a client’s liability beyond the limits or conscription’s of their current policy. Umbrella insurance often may mean the difference between replacing just the things that you lost that you need and replacing the things that you need AND the things you treasure.
What is an umbrella policy?
Umbrella policies often provide broader coverage over one or more primary policies, and the definition of what is covered may be broader than that in the primary policies, and they sometimes lack the exclusions found in primary policies. Thus, an umbrella policy may cover certain risks from the first dollar of loss or liability incurred, which were never covered under the primary policies. Examples of liability that an umbrella policy may cover that a homeowner’s policy often excludes can include:
• False arrest
• Invasion of privacy
Most personal umbrella losses are related to auto accidents, with a 2013 analysis finding that 78% of claims and 87% of losses related to autos. In a prior 2000-2005 survey, most of the losses were not covered by the client’s underlying policy, while in 2013 most were in excess of the client’s underlying policy. 
Who has umbrella insurance?
Anyone who drives a car, owns a home, or sails a boat can benefit from umbrella insurance. When we invite folks to ride in our cars, eat or sleep in our homes, or play on the water in our boats, we take a responsibility for the health, safety, and welfare of our guests. Oft times, the insured thinks that because they are a policyholder in good standing with their agent and their insurer, they’ve done all they can do to protect their assets from liability. But that’s not the case. Very often, damages can exceed the amount insured and may even require forfeiture of future assets, like earnings. Guerra Insurance knows that home and property values in Westchester County are at a premium and they have the experience to review each of their client’s insurance needs and liability exposures.
How do I know if I need umbrella insurance?
Umbrella insurance policies help to protect policyholders from the unexpected exclusions and limitations of their primary insurance policies. An umbrella policy, in many ways, can protect more of a client’s assets, including future earnings, from being used to pay out expensive liability insurance claims. Guerra Insurance has been helping their clients in Westchester County determine their insurance needs and find the most appropriate and affordable insurance vehicles for them. For more information about how umbrella insurance can help protect your assets, or to find out if umbrella insurance in Westchester County is right for you, contact Guerra Insurance at: (914) 600-1990
1. “Personal Umbrella – Severity Perspective From Personal Liability Losses | Gen Re”. Gen Re Perspective. Retrieved 2016-01-17.