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Umbrella insurance is a different type of insurance coverage that adds to what you already have through other policies. If you have a homeowners' policy and an auto insurance policy, an umbrella policy may be right for you.
With the maximum payout of home and auto insurance policies being relatively low, umbrella insurance is put in place to raise the amount of coverage. With an umbrella insurance policy, when the home or auto insurance coverage maxes out, the umbrella insurance policy goes to work. It takes over and pays the rest of the bills up to the umbrella policy's much higher maximum. This can save you from having to pay the overage of enormous medical bills yourself. You must have home and auto policies in place to get an umbrella policy to supplement them.
Everyone needs adequate liability insurance, but many insurance policies don't offer enough. The standard liability coverage with home insurance is often not enough for when an accident happens. The small amount of liability means that if there is a serious accident, everything over the insurance policy's maximum payout comes from your pocket. The same is true for auto insurance. It generally comes with a small amount of liability coverage compared to the massive medical bills that can be due after an accident. If the medical bills outstrip the coverage, you are on the hook for the rest of the cost.
If you are interested in getting more liability insurance, you're making a smart decision. Having enough liability coverage is important in today's world. Contact us at Church Street Financial Services in Texas to get your policy.