Umbrella Insurance in Texas
Why Have Umbrella Insurance in Texas?
Umbrella insurance may not be required in Quinlan, TX, and other areas in the state, but there are several reasons why it makes sense to have a policy.
It protects you if someone is injured at your home or your property and sues you. Liability insurance will only cover so much, and an umbrella policy can cover the rest of the costs, including medical bills and your legal defense. It’s also important to protect yourself if you are involved in a serious car accident and sued. Your home and auto insurance do not cover some things. Umbrella insurance can protect you from libel or slander, or other types of lawsuits. For example, if you post something on social media, it leaves you open to a lawsuit, and the umbrella policy can kick in and cover legal costs and the settlement. Any lawsuit can add up to a million dollars in claims or more. If you don’t have this much on hand, the courts can garnish wages and tap into your other assets, such as retirement accounts. Umbrella insurance is necessary to protect you financially.
Even though umbrella insurance covers a wide range of claims, it only covers liability claims when your liability insurance on your home or auto policies is maxed out. It will not protect losses to your own personal property or other claims that your underlying policies don’t protect.
How Much Umbrella Insurance Do You Need in Texas?
Agents at Slaughter Insurance Agency recommend that you should have a minimum of $1 million in umbrella insurance. However, if you have more than $1 million in assets or earn more than $100,000 a year, then it can make sense to have more coverage. You should have an umbrella policy that has limits up to your net worth and even more if you have rental properties in Quinlan, TX, or other areas in the state.
Contact Slaughter Insurance Agency to get a quote on umbrella insurance.