How Exactly Does Umbrella Insurance Work?

Though not as commonly discussed as other insurance types, umbrella insurance carries immense value. It shields your assets in the event of a significant claim that exhausts your primary insurance. Here’s a closer look at what it offers and how it works.

Umbrella Insurance Explained

Also known as "excess" insurance, umbrella insurance is used when you’re at fault in an incident that leads to injury or property damage. If the ensuing claim exceeds what your auto, homeowners, or other primary insurance can cover, umbrella insurance steps in to cover the outstanding balance, eliminating any out-of-pocket expenses.

How Umbrella Insurance Works

After filing your primary insurance claim, your umbrella insurer is also notified. If there’s a remaining balance after your primary insurance has been exhausted, umbrella insurance readily covers it. While it is critical for those in higher income brackets with substantial assets, umbrella insurance should be considered by everyone. It protects you from potential bankruptcy following a lawsuit.

Benefit from Umbrella Insurance’s Protective Layer

Umbrella insurance can be the difference between retaining your assets or facing bankruptcy in a lawsuit situation. If you’re seeking a reliable insurance provider in the Tuscaloosa, AL, area, we at Baldo-Downs Insurance LLC are here to help. We’ve been providing comprehensive coverage for many years in the area and beyond. Contact us today for a customized quote that fulfills your needs.

What factors should I consider when looking for an Alabama umbrella insurance plan?

If you are living in the Tuscaloosa, AL area, you will always want to know that you have the right personal insurance protections in place. One type of coverage that all people here need to consider getting is umbrella coverage, which will provide you with ample personal liability coverage.

There are a lot of factors to think about when shopping for this coverage:

Risks Covered 

A very important factor to consider when you have an umbrella insurance plan is the type of liability risks that you are covered from. An advantage of an umbrella insurance plan is that it provides broader liability coverage than home or auto plans. However, it may not cover all risks. It is important to check your policy to ensure there are no exclusions that you are concerned about. 

Level of Coverage

You also should consider the level of coverage that you will receive when shopping for an umbrella insurance plan. Similar to any other type of insurance, an umbrella insurance plan will have a certain level of coverage that is provided. If your actual liability exceeds the policy, you will need to make up the difference. It is important to consider your personal situation to ensure you have enough coverage under the umbrella insurance plan to protect yourself properly. 

Reach Out To Us

It is always a good idea for those who are in the Tuscaloosa, AL area to have a proper umbrella insurance plan at all times. If you are looking to get this type of insurance when you are here, you can call our team with Baldo-Downs Insurance LLC to learn more. Our professionals with Baldo-Downs Insurance LLC will help you properly evaluate your umbrella insurance plan options so you get into an ideal policy. 

Three of the best features of umbrella insurance

Consumers should carry umbrella insurance so that they don’t leave their assets at risk. If you’re looking for an umbrella insurance policy in Tuscaloosa, AL, you should know about the features that this kind of coverage offers.

At Baldo-Downs Insurance LLC, we can provide you with the information you need about umbrella insurance.

The following are three of the best features of umbrella insurance. 

Umbrella insurance provides coverage for bodily injury liability expenses.

If you are held liable for medical bills for the treatment of a bodily injury, your umbrella insurance can cover these expenses. Bodily injury liability expenses can result from injuries that occur when you are involved in an accident or when an incident occurs in your home that results in physical injuries. 

You can choose the amount of umbrella insurance coverage you need.

Consumers who carry umbrella insurance will typically insure themselves up to the full value of their net worth. You can choose how much your umbrella insurance policy covers you for. Typically, umbrella insurance policies offer coverage in increments of $1 million. 

Umbrella insurance adds to the coverage you get from your auto and home insurance policies. 

You’re probably aware of the fact that there are limits on the coverage you get from your auto and home insurance policies. Fortunately, your umbrella insurance covers costs that exceed these limits when you need to file a claim on one of these policies. 

Give Us A Call

Get in touch with us at Baldo-Downs Insurance LLC if you would like to learn more about umbrella insurance. We’re here to provide you with insurance in Tuscaloosa, AL. Call us to get a policy quote today!

Is it helpful to have an umbrella insurance plan in Alabama?

All people in and around the Tuscaloosa, AL area need to take their insurance needs seriously. A type of coverage to always consider getting here is umbrella insurance. If you are insured with this type of coverage, it can provide you with some additional personal liability coverage.

There are various reasons why this type of insurance is helpful to have

Coverage for Significant Claims

A good reason for anyone to have an umbrella insurance plan in this state is so they can have coverage for significant claims. You will likely have some liability insurance in a home or auto plan. However, these plans always have a liability cap. While most claims fall under this cap, there could always be a serious accident that has significant damages that exceed the cap. With an umbrella insurance plan, you will have coverage on top of your other insurance plans.

Prepare for the Unexpected

It can be very difficult to identify all possible personal liability risks. If you are going to invest in an umbrella insurance plan, you will be able to prepare for the unexpected. When you have a full umbrella insurance plan, it will offer you the support that you need as it provides you with a broad level of personal liability coverage. 

Get Umbrella Coverage Today

You should always ensure that you are appropriately covered and insured. One of the best ways that you can do this is by investing in an umbrella insurance plan. When you are looking for this coverage in the Tuscaloosa, AL area, it would be wise to call Baldo-Downs Insurance LLC. There are a lot of complexities that come with selecting umbrella coverage and Baldo-Downs Insurance LLC will help you choose a plan that will give you coverage and peace of mind.