Raleigh, North Carolina
Liability risk is something that all people need to take seriously. If you are found liable for damages that occur in an accident or other situation, you will have to pay the other party for the damages incurred.
Fortunately, you are able to mitigate this risk if you have a proper personal liability insurance plan. One of the best ways that you can mitigate your personal liability risk is by getting a full umbrella insurance plan.
Cover for Higher Claims
Most people are going to have personal liability insurance through their home and auto insurance plans. When you have one of these insurance plans, it will include a policy limit that will determine how much can be paid out in proceeds in one incident and throughout the policy term. While this is typically more than sufficient to cover most accidents, there is always a risk that you could be held liable for damages that exceed these base insurance plans.
If you are found to be liable for damages that exceed your existing policy limit, you are still going to be responsible to cover these damages. As these damages can add up quickly, having protection against higher claims is important. If you have an umbrella insurance plan in place, it will give you the coverage you need on top of your existing plans.
Coverage for More Risks
Many people will also want to have an umbrella insurance plan because it will give you coverage for a wider range of risks. Those that have liability coverage through their base insurance plans for home and auto will receive coverage related to accidents that occur in the home and on the road. A home insurance plan may also offer liability coverage for accidents that occur away from the home, but it does not cover everything.
Some liability risks that are not covered by home coverage include slander, libel, mental anguish, and false arrest. If you are found liable for these claims, you would need to pay the damages completely out of pocket. However, you can mitigate these risks by getting an umbrella insurance plan as it will cover these damages with more blanket coverage.
Raleigh, North Carolina
We quote each policy on a case by case basis, this is a guide to the services and project packages we offer to our clients.
Prepare for Unexpected
Ultimately, the main benefit of having umbrella insurance is that it can help you prepare for the unexpected. It can be hard to predict against all personal risks that exist. Due to this, getting an umbrella plan is a great option as it offers broad liability coverage that can give support for situations that could be otherwise unpredictable, which can help protect your personal financial solvency.
OUR UNIQUE PROCESS
Although we tend to price projects on a case by case basis, this is a guide to the services and project packages we offer to our clients.
If you are in the Raleigh, NC area and want to ensure that you are properly covered for your liability risk, it would be a good idea to speak with the Wood Insurance Consultants about your umbrella insurance needs and options.
There are various advantages that come with an umbrella policy and Wood Insurance will help you determine your needs and give the support necessary to build a quality policy. Wood Insurance Consultants partner with top insurance providers to ensure you get into a quality policy that will offer you liability mitigation and peace of mind.