Umbrella insurance comes in various sizes and is used in different ways to prevent hangovers from payouts that may go over your limit.
Typically, policies start at $1 million and can go up to $10 million or more, depending on your needs. It depends on which insurance company you choose. So as you know, umbrella insurance doesn't cover everything. Its primary focus is on providing liability coverage for property damage and personal injury claims.
In New York, you're not required by law to have this type of policy. It's totally up to you. But it's an excellent idea, especially if you have a lot of valuable stuff or are worried about getting sued. New York can get pretty crazy with its busy streets. It would be best if you talked to us at Stewart Agency, Inc. in Elmira, NY.
Usually, if you want umbrella insurance, you need basic liability coverage on your other policies, like car and home insurance. How much you need differs between insurance companies. Some companies ask for at least $300,000 to protect you in terms of liability for your car and $300,000 to $500,000 for your home.
Umbrella insurance is like an extra safety net when your car or home insurance isn't enough. It gives you more liability coverage if you get hit with a lawsuit or claim that your central policy can't cover.
Insurance companies may put some conditions for you to meet before you can get a policy. They might ask you to have your car and home insurance with the same company. It's also pretty standard for insurers to want you to make your place much safer with good security features.
When you least expect them, life can throw you curveballs, and accidents happen. You don't want to end up in a situation where you're stuck with a big lawsuit or facing huge damages, but getting ready is always good. And that's where our team can lend a hand. Doing so adds a lot more protection, and you no longer worry about lawsuits thrown your way.
We recommend reading the fine print to understand what's covered. The best part is that our consultants will explain everything to you. Call us or visit our Stewart Agency, Inc. offices in Elmira, NY.