When is Umbrella Insurance Beneficial?

While researching the different types of insurance available to you as a Manchester, NH resident, you may have come across umbrella insurance and begun to wonder why you had never heard of it. Umbrella insurance is beyond basic insurance, and some people never even consider purchasing it because they have no reason to. So, what exactly is umbrella insurance, and when is this type of insurance beneficial? Here is a brief overview to help you better understand this type of insurance coverage. 

What is Umbrella Insurance?

Umbrella insurance is a supplemental insurance that kicks in once a person’s primary insurance has paid out the maximum amount. This could be their homeowners, boat, or even auto insurance policies. For example, if a person is a homeowner and a delivery person drops off an order at that homeowner’s house and is bitten by the homeowner’s dog, medical bills could be high. If the victim’s medical bills are $75,000, and the homeowner’s insurance policy maxes out at $50,000, the umbrella insurance would likely cover the extra $25,000. 

Umbrella Insurance for the Wealthy

Low and moderate income individuals rarely need umbrella insurance. This is because well-off individuals are more likely to be sued for what they’re worth, which is substantially more than the average person.

As you can see, umbrella insurance is a supplementary insurance that most likely benefits wealthy individuals. Wealthy individuals are more likely to have expensive assets that make them more likely to be sued for large amounts of money that can easily deplete their primary homeowners’ insurance. Once the homeowners’ insurance has paid the maximum, the umbrella insurance will pay what’s left over. If you’re a Manchester, NH resident, and you need a new insurance agency, you should give us a call at AS Insurance Agency. Our company, AS Insurance Agency, has been in business for years, providing customers with the A-1 customer service that we hope to provide for you. 

Umbrella Insurance 101: Understanding How It Works and What It Covers

Umbrella insurance can provide an extra layer of protection for your assets and income. It is designed to supplement your existing liability coverage, such as homeowner’s or auto insurance, providing additional limits over and above what those policies may offer. Here at AS Insurance Agency, we serve the Manchester, NH area with umbrella insurance solutions to ensure our clients have the protection they need.

How Does Umbrella Insurance Work?

Umbrella insurance policies provide an extra layer of financial security above and beyond what’s available in traditional liability coverage. It is designed for situations when a large claim occurs that exceeds the limits of your existing policy, such as auto or homeowners insurance. An umbrella policy can help cover legal fees, medical bills, and any settlements awarded by the courts. It can also provide coverage for incidents such as libel, slander, or false arrest.

Who Needs Umbrella Insurance?

When it comes to umbrella insurance, there is no one-size-fits-all solution. Everyone’s needs are different and should be discussed with an insurance professional.

Homeowners: Homeowners may need umbrella insurance if they live in an area prone to natural disasters or injuries, such as slips, falls, or flooding. If any of these incidents occur and a lawsuit is filed against the homeowner, their liability limits could be exceeded. In this case, an umbrella policy can provide extra coverage.

Business Owners: Business owners may need umbrella insurance if they face potential liabilities from their business activities, such as product recalls or faulty services. An umbrella policy can provide additional coverage for legal fees and other expenses that could arise from a lawsuit.

Renters or Landlords: Renters and landlords should consider an umbrella policy if they are exposed to liabilities such as property damage or a tenant injury. Even if a landlord’s standard policy provides sufficient coverage, an umbrella policy can provide additional protection for legal fees and settlements.

What Does Umbrella Insurance Cover?

Umbrella insurance provides coverage for three main types of liability: Bodily Injury Liability, Property Damage Liability, and Personal Liability.

Bodily Injury Liability provides coverage for medical expenses and other related costs if you are found legally responsible for an injury that another person suffered due to your negligence.

Property Damage Liability provides coverage for damage to another person’s property that was caused by your negligence.

Personal Liability covers non-bodily injury or property damages, such as libel and slander. It also provides additional limits over and above what traditional liability policies provide, protecting you from large claims and lawsuits.

Understanding how umbrella insurance works and what it covers can help you determine if this type of coverage is right for you or your business.

Reach Out To Us

If you are located in the Manchester NH area, contact us at AS Insurance Agency to learn more about our umbrella insurance solutions. We’ll provide a comprehensive review of your current policies and discuss the protection that umbrella insurance can provide.

Umbrella Insurance Provides an Extra Layer of Protection

Perhaps you have reached a point in your life where you feel somewhat secure financially. But what if there was a car accident for which you were at fault? Or if a guest visiting your home slipped and fell on the sidewalk? Let the agents at AS Insurance Agency, who serve the Manchester, NH area, explain how umbrella insurance can help.

Why Umbrella Insurance?

Personal umbrella insurance provides protection for you and your family when you have exceeded liability limits on your homeowner’s or automobile policies. An umbrella policy allows you the flexibility to choose a liability limit that will best protect your assets up to $5 million.

You have worked hard for the wealth you have accumulated for yourself and your family. You could reach the million-dollar mark by retirement age. But what about people who have lost everything in lawsuits and had to begin again?

Don’t worry. Protect yourself and your financial assets.

Purchase umbrella insurance. It provides coverage for large claims or lawsuits that are not covered by auto or homeowners insurance policies.

Your homeowners and auto insurance policies provide coverage for damage to your home and car. They also provide personal liability protection if someone is hurt on your property or if someone is injured in an accident that you caused. That coverage has limits, however. For example, if you are sued, the policies may cover up to $100,000 in damages. But if you have a higher net worth, those limits could disappear very quickly.

Get The Best Coverage For Your Needs

Umbrella insurance takes over where your other policies leave off. It is personal liability coverage that protects you and your family from lawsuits or large claims when the limits of your other policies have been exhausted.

Protect your financial future with umbrella insurance. Contact the AS Insurance Agency in Manchester, NH today for a free quote. You will be glad you did.

Benefits of an Umbrella Policy in Manchester, NH

No one wants to use insurance, but they’re grateful to have it when they need it. And that’s why an umbrella policy is essential, especially in Manchester, NH. Here are three reasons you should have this coverage with your homeowner’s policy:

Extra Protection Against Liabilities

In a perfect world, we’d never need to worry about being sued. But accidents happen, and sometimes people get injured or damage their property. If you’re held liable for any of these things, an umbrella policy can provide extra protection beyond what your homeowner’s policy covers.

Provide Coverage for Recreational Activities on Your Property

Do you have a trampoline or pool in your backyard? If so, you’re at a higher risk of being sued if someone gets injured while using them. And your homeowner’s policy likely won’t provide coverage if that happens. An umbrella policy can help protect you in these situations.

An AS Insurance Agency representative can help you determine if an umbrella policy in Manchester, NH is right for you and explain how it can help protect your home and family.

Extra Coverage for Belongings

Your homeowner’s insurance policy may already cover your belongings, but there are limits to what it will payout. An umbrella policy can provide additional coverage for things like jewelry, art, and collectibles. It can also cover any damages that occur off your property, like if your child damages someone else’s home.

Safeguard Your Future With an Umbrella Policy

An umbrella policy from AS Insurance Agency can provide you with the peace of mind that you and your family are protected in the event of an accident or natural disaster. Contact us today to learn more.

How Umbrella Insurance Works After a Car Accident in New Hampshire

When you drive on New Hampshire roads, you expose yourself to a number of potential liabilities every time. That is why the minimum requirements for New Hampshire auto insurance include liability coverages.

However, sometimes, the costs of a crash for which you are at fault can be higher than the liability limits on your auto insurance policy. At AS Insurance Agency, we help Manchester, NH residents have the insurance bundles they need so that they are covered when these life crises happen.

Umbrella insurance can help you in this situation. Learn more about how that works here.

What is Umbrella Insurance?

Umbrella insurance is a kind of insurance policy that functions like an umbrella for liabilities. You are covered with it when a serious problem happens for which you are being blamed. 

This is liability insurance with higher limits than traditional liability policies. You might see an umbrella insurance policy limit of one million. When you have a liability in life, you can typically claim it on your umbrella insurance policy.

How Does Umbrella Insurance Work With Car Accidents?

When you have been in a car accident for which you are at fault, your New Hampshire auto insurance policy will cover the liability damages. If the costs of your car crash are higher than the limits on your policy, you can make a claim on your umbrella insurance to cover the rest of the costs.

Car accidents are just one example of the many liabilities that umbrella insurance can cover. Having umbrella insurance will protect you from financial losses when life happens.

Get a Quote

Umbrella insurance is an affordable solution to these worries in life. At AS Insurance Agency, we can help Manchester, NH drivers get the coverage they need for every potential liability through umbrella insurance. Call us and get a quote today.

Do all people in New Hampshire need to get umbrella insurance?

Those that are in Manchester, NH need to ensure they are properly covered by insurance. A form of insurance that all people in this state need to think about obtaining is umbrella coverage, which gives you additional personal liability protection. There are multiple reasons the typical person in New Hampshire will need to get an umbrella insurance plan.

Coverage Includes Additional Protection

An umbrella insurance plan is designed to offer liability protection not covered by your other insurance plans. When you have an auto or home insurance plan, there will be a provision for liability coverage. However, the coverage you receive is limited by the policy limits. With an umbrella plan, you will get coverage that is on top of your base insurance plan.

Coverage Covers Other Risks

Even if you have a home and auto plan with ample liability coverage, there is always a risk that you may be included in a claim that is not included under the policy. With an umbrella coverage policy, the liability protection you receive will be much broader. This should provide coverage for a larger range of risks that may not be included under the most specific insurance plans that you have. 

There are a lot of reasons why umbrella insurance is a great form of insurance protection to obtain. If you are looking for a new insurance coverage plan and are in the Manchester, NH area, calling AS Insurance Agency could be a great option. The team with AS Insurance Agency knows the value that comes with this type of coverage. When you speak with them, you can learn a lot about the value of this insurance and receive the support you need to build a new personal liability coverage plan.