We purchase home, auto, and other insurance to protect against the financial consequences of unexpected events. Insurance policies usually cover these liabilities because the policy limits exceed the damage. However, sometimes, the liabilities exceed our policy limits, leaving us responsible for the remainder. That’s where umbrella insurance steps in to ensure our financial well-being. If you have questions about an umbrella or other insurance, contact our team at Ellis Insurance Agency, serving San Antonio, TX.
Covering Your Potential Liabilities
Most auto accidents are relatively minor; the vehicles are repairable, and everyone involved walks away from the incident. However, some accidents cause disabling injuries or worse, resulting in liabilities exceeding the amount the insurance company is obligated to pay, based on the policy limits. Suppose you are found liable for a catastrophic accident. In that case, you may be responsible for paying the difference between the total award and the amount paid by your insurance, potentially putting your savings, home, or other assets at risk. That’s when umbrella insurance steps in.
A core purpose of umbrella insurance is to pay the liabilities exceeding your base auto (or home) policy’s limits. Since umbrella insurance only activates in "worst-case" situations, umbrella insurance payments are uncommon, and the rates are low. The combination means you can affordably obtain the extra layer of protection and peace of mind that comes with umbrella insurance while ensuring the assets you accumulated are not at risk due to an unlikely but catastrophic event.
Working With Ellis Insurance Agency
Umbrella insurance protects families and businesses. If you live in or near San Antonio, TX, and want to discuss your umbrella, auto, or other insurance needs, the Ellis Insurance Agency team is ready to help. Please stop by or call (210) 866-8683 today.
