When Standard Insurance Isn’t Enough: Ensuring You’re Fully Covered

When Standard Insurance Isn’t Enough: Ensuring You’re Fully CoveredSince we live in such a litigious society, everyone is potentially at risk for being sued. While teenagers, income properties, and even the loss of affluent holiday presents can lead to damages that surpass your current policy’s limitations, additional coverage may be required to limit out of pocket expenses. In order to mitigate the risk of devastating your financials, weigh your options regarding Connecticut Umbrella Liability Insurance.

What is Umbrella Coverage?

Investopedia defines Umbrella insurance as a type of personal liability insurance that covers claims that are larger than your homeowners or auto insurance liabilities cover. In addition, this policy covers against slander, libel, and false imprisonment.

When Would I Need this Coverage?

Say, for example, your dog runs out of the house and attacks someone he views to be an intruder. Or, you host a holiday party and one of the guests slips and falls on the icy steps on your walkway. If either of these people decide to sue you, medical bills, pain and suffering, and other damages can result in hefty fines that could cost you thousands, if not more, out of pocket.

Further, malicious prosecution, wrongful entry, invasion of privacy, and other harms would be covered under the umbrella policy, says Investopedia.

Do I Need Umbrella Insurance?

As a general rule, some experts say if the combined total assets of cash and equity are greater than your auto and homeowner liability, you should consider umbrella coverage. While this may protect loss of assets in a lawsuit, it still doesn’t stop the jury from awarding immense damage awards that could still result in out of pocket expenses.

How Much Does it Cost?

The exact figures depend on the company and the policy limits, however umbrella coverage is quite affordable. $1 million in coverage typically costs between $150 and $350 per year.

While these concerns may be more eminent during the holiday season with constant company, parties, and gifts, a variety of risks are present year-round. At Byrnes Agency, we will work with you to assess your risks and identify your limits to ensure you are properly protected. For more information, contact us at one of our three locations.

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Dayville Office

Phone: (860) 774-8549
394 Lake Rd
Dayville, CT 06241
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Norwich Office

Phone: (860) 886-5498
6 Consumers Avenue
Norwich, CT 06360
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Woodstock Office

Phone: (860) 928-7928
1226 Connecticut 169
Woodstock, CT 06281
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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