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Not many people know about umbrella insurance. But you may need this type of insurance. Here are some reasons.

This kind of insurance provides you added protection above and beyond what your auto or homeowners liability insurance cover. Umbrella insurance is there in case of really large and maybe devastating liability claims or judgements. If you have liability insurance already, umbrella insurance is designed to take over when the limits of your existing insurance have been reached.

If you should have an auto accident and the other driver is injured severely, you could be liable for any amounts above the limits of your auto liability insurance. Plus, if there is a law suit by the other driver, you could face severe financial straits.

This is where a personal umbrella insurance policy comes into play. This insurance can pick up where your standard policy stops. It can protect your personal property from this kind of liability.

If you’re landlord, umbrella insurance may be beneficial when you’re sued for damages someone suffers on your property or if your tenant’s dog bites someone.

This kind of insurance also can cover you if you’re sued for slander or libel, in case of false arrest or detention, malicious lawsuits, and other personal liability situations.

Most of the time, umbrella insurance is available in million dollar increments. It can give you the added protection you might need.

There are some instances in which umbrella insurance doesn’t apply. It is there to provide protection if you damage or destroy someone else’s property, but not if you damage or destroy your own property.

Most of the time, umbrella insurance doesn’t cover losses from the operation of your business or damage to your business property. Even if the business you operate is home-based, this kind of insurance probably won’t cover liabilities connected to that business.

If you are the kind of professional that can be sued for malpractice, umbrella insurance likely won’t apply. The same is true if you’re paid to be a board member of a for-profit organization.

An umbrella insurance policy won’t apply if you intentionally break the law or engage in harmful behavior.

When you enter into a contract, either oral or written, an umbrella policy won’t apply.

This information about umbrella insurance has been brought to you by Corriveau Insurance Agency. We’re an independent insurance agency in Nashua, NH. We’re a family owned business since 1912. Call us for a review of your insurance needs. Call 603-883-5528 today!