How Umbrella Insurance Works With Your Home and Auto Policies

If you have home and auto insurance, you may feel you have as much insurance coverage as you need. However, this generally isn’t the case. You may lack enough liability coverage, and this can leave you vulnerable. The intelligent choice is to get an umbrella insurance policy to give you more coverage. When you need better insurance coverage, call us at Slaughter Insurance Agency in Quinlan, TX to learn more about umbrella insurance. 

More Liability Coverage

Sure, there is liability coverage on your auto policy and home policy. However, these policies often don’t have much of it. Getting an umbrella policy adds more coverage to both policies simultaneously. When you don’t have this kind of coverage, you may be left with a lot of overage bills to pay. These are bills that weren’t covered by your home or auto insurance because the policy maxed out. When you have umbrella insurance, the policy picks up where the home or auto policy left off. It pays those overages for you, so you aren’t personally financially responsible for the accident. Medical bills can be extremely high, so it’s essential to have this coverage. 

Saving Money On Premiums

Getting umbrella insurance to supplement your home and auto policies is highly cost-effective. If you were to go to both your home and auto policies and add more coverage directly to them, this would cost a lot. Getting an umbrella insurance policy to give you more coverage for both is much more affordable. Umbrella is relatively low-cost, and the maximum payouts are extremely high. 

Get Umbrella Insurance 

If you have an auto and a home policy, it’s time to get an umbrella policy. Call Slaughter Insurance Agency in Quinlan, TX.

On the Fence About Umbrella Insurance? Here are a Few Factors to Consider

At Slaughter Insurance Agency, our team can help your Quinlan, TX business get the protection that it needs with an umbrella policy. If you’re still not quite sure whether this type of insurance works for you, here is how it can benefit you:

Umbrella Policies Offer Extra Liability Support

Umbrella insurance is an expanded form of liability protection that covers what the rest of your policy does not. For example, once you meet your policy limits, umbrella liability covers what may remain in a lawsuit, ensuring that you don’t have to dip into your own pocket to pay these expenses. 

That kind of protection is a great option if you worry about getting sued by your customers. For instance, if you run a business with a potential risk of danger, it’s critical to get umbrella insurance to stay safe. However, there is a simple process that can make this decision much easier.

Knowing If You Need It 

If you are interested in getting an umbrella insurance policy, it’s important to know whether it’s right for you. Most businesses will benefit from this type of policy, though some might not feel comfortable affording it. Here’s a simple way that you can get the help that you need here:

  • Add all of your business’ assets, including stocks, bonds, future earnings, savings accounts, etc. 
  • Calculate whether your insurance policy covers all of your assets or if it doesn’t
  • When your total assets are more than your liability protection, get an umbrella policy 
  • Try to find one that covers at least double your assets to be as safe as possible

Take Care of Your Business

Strong umbrella insurance policies from Slaughter Insurance Agency can help Quinlan, TX area businesses get the help that they need to stay safe. Contact us to learn more about your options, and we’ll seek out an umbrella insurance policy that fits your needs and doesn’t cost you a fortune to maintain.

Do all people in Texas need to have an umbrella insurance plan?

Liability risk is something all people in the greater Quinlan, TX  community should think about. If there is an accident that you cause, you will be responsible for damages. As these costs can add up quickly, having appropriate personal liability coverage is always a good idea. One type of policy that can help with this is an umbrella insurance policy.

There are various great reasons to have this type of coverage:

Ensure Coverage for Major Claims

A lot of people in this part of Texas will have personal liability coverage in their home or auto plans. While this is a good start, there is always a chance actual damage could exceed coverage. If you continue to maintain an umbrella plan, it will give support on top of your existing policies. This can ensure you are covered if there is ever an accident with very bad damage. 

Prepare for the Unexpected

Having umbrella coverage is also a good idea as it can ensure you are prepared for the unexpected. There is always a risk you could be held liable for damages for a situation that is not covered by other insurance plans. An umbrella policy offers blanket coverage that will help protect against a wide range of these risks. This can ultimately ensure you are ready for the unexpected. 

Reach Out To Us

An umbrella insurance plan continues to be an effective way to mitigate your personal liability risks. If you are looking for this type of coverage in Quinlan, TX, it would be ideal to call our professionals with the Slaughter Insurance Agency. We understand the value of this coverage and our team can help you build your next plan. Our professionals at Slaughter Insurance Agency will always take a customized approach to ensure you get into an ideal plan for your situation.

When does an umbrella policy kick in?

An umbrella policy is a type of insurance coverage designed to provide additional protection against liability above and beyond what is covered by your primary policies. It kicks in after the limits of your primary policies have been exhausted and provide additional financial security for you if you’re involved in an accident or lawsuit where the damages exceed the limits of your existing coverage.

At Slaughter Insurance Agency, we specialize in umbrella policies for people and businesses in the Quinlan, TX area. 

When does an umbrella policy kick in?

For example, if you are involved in a car crash, and the damages are greater than the amount covered by your auto insurance policy, an umbrella policy will kick in to provide extra coverage. Similarly, if you are found liable for someone else’s injuries and medical costs, an umbrella policy may cover those expenses too.

Umbrella policies are especially important for those who own a business, as they can protect against huge liabilities that might otherwise bankrupt them. In addition to liability protection, some umbrella policies may also include supplemental benefits such as personal injury protection or uninsured/underinsured motorist coverage. 

Umbrella policies can be invaluable when it comes to protecting yourself and your assets from potential losses resulting from accidents, legal judgments, and other unpredictable incidents that occur with no warning. If you want to make sure that you’re getting all the coverage you need for maximum peace of mind, consider investing in an umbrella policy today!

Contact Us Today

If you would like more information about an umbrella policy or have questions about your coverage, give us a call at the Slaughter Insurance Agency today. We proudly serve the Quinlan, TX area.

Quinlan TX Umbrella Insurance Options

Umbrella insurance is an option Quinlan, TX residents might want to consider for added protection and peace of mind.

Here’s what you need to know about umbrella insurance and how the Slaughter Insurance Agency team can help you.

What is Umbrella Insurance?

Umbrella insurance is also referred to as excess liability insurance. This kind of insurance is an add-on to liability insurance and covers losses that are not covered by other insurance policies, including homeowner’s, auto, and boat/watercraft insurance. If an accident occurs, umbrella insurance can be a method of fail-safe coverage.

How Does Umbrella Insurance Work?

Umbrella insurance is not a stand-alone policy, meaning you can only obtain umbrella insurance if you currently have an insurance policy, such as auto, homeowner’s, or another type of insurance policy. One of the perks of attaining an umbrella insurance policy is that it pays the difference between the amount of what your primary insurance covers and the amount you still owe.

What Does Umbrella Insurance Cover?

An umbrella insurance policy covers the policyholder and other family members or members of the household against lawsuits that involve property damage, personal injury to others, and other claims that are dependent upon your policy. This kind of insurance covers:

  • Personal legal defense costs
  • Personal attacks and character defamation
  • Bodily injury liability
  • Property damage and injuries sustained by tenants at a rental property
  • Property damage liability

Is There Anything Umbrella Insurance Does Not Cover?

There are different instances when an umbrella insurance policy would not cover a specific situation. Umbrella insurance policies do not cover:

  • Personal property
  • Contracts
  • Criminal or intentional actions
  • Business losses

Contact Us Today

Slaughter Insurance Agency in Quinlan, TX is here to help you with your insurance needs, including umbrella insurance. Contact us today to learn more about our insurance services. We look forward to speaking with you!

What is umbrella insurance and who should have it

Most people are not insurance experts, but things like home insurance and boat insurance are pretty self-explanatory. The same can’t be said for umbrella insurance. It isn’t insurance on your umbrella. This probably explains why many people who could benefit from umbrella insurance don’t have it. At Slaughter Insurance Agency in Quinlan, TX, we believe that part of our responsibility as independent insurance agents is to make sure our customers know what insurance protects and why it is right for them. 

Umbrella insurance is excess liability insurance. What it does is add an additional layer to the liability insurance that you have on another policy. You can’t buy umbrella insurance unless you have a policy with liability coverage. That means you need to have a home, auto, condo, renters, boat, or motorcycle policy. Your basic policy may not have enough liability coverage to protect your assets. You can raise the liability on your policy, but then to get better coverage you need to add an umbrella policy. A typical umbrella policy begins at one million dollars. 

Who needs to have an umbrella policy? In spite of myths to the contrary, you don’t have to be wealthy to purchase an umbrella policy. If you have any assets or a job, you could end up being sued. If you lose the case and a judgment is made against you, you could have to sell your assets or have your wages garnished. It can basically ruin your life. You work hard to save and earn the money to purchase what you have and then to lose it all would be horrible. 

Umbrella insurance will take care of a judgment against you and also pay the legal fees you incur. It is well worth having to protect yourself. 

Contact Slaughter Insurance Agency in Quinlan, TX to learn more about umbrella insurance. 

Everything You Needed to Know About Umbrella Insurance

Have you ever wondered what may happen if you are in an accident where you are found at fault and do not have enough insurance protection to cover all the damages? Well, if this happens, you would be financially responsible for covering what the insurance company does not. Because insurance policies do not cover everything, many in Quinlan, TX, are purchasing umbrella insurance policies. Would you please continue reading to learn more about umbrella insurance and then call our offices at Slaughter Insurance Agency to learn more about the policies we offer? 

What is Umbrella Insurance? 

Umbrella insurance is an add-on policy option that offers additional liability coverage if you have to pay for costs beyond the limits of your base insurance policies. Essentially it closes the gap between what you are liable for and the insurance company payout.

How Does Umbrella Insurance Work? 

Before purchasing an umbrella insurance policy, you must first have existing basic liability coverage, such as homeowners, renters, auto, and boat insurance. After that, your umbrella insurance policy is based on the specified liability limit of your primary plan and goes above and beyond that to help you meet additional financial obligations. 

What is Covered by Umbrella Insurance? 

Most umbrella insurance policies provide additional protection against the following: 

  • When you or your family are found liable for personal injury to another. 
  • When you or your family are found responsible for damage to another’s private property.
  • Pays for settlements from defamation claims against you or a member of your household.
  • Pays personal injury attorney fees if you are held liable for paying the amount for another person’s claim against you.
  • Pays for additional damage caused by your teenage driver’s accident where they injured multiple people. 

Are you ready to purchase an umbrella insurance policy in Quinlan, TX? Call the agents at Slaughter Insurance Agency to discuss options and learn how an umbrella insurance policy can protect you and your family.