Just like other types of insurance, umbrella insurance is one insurance that people in Ohio won’t regret having if you’re legally at fault for property damage or bodily injury.
Remarkable Insurance offers Ohio residents affordable umbrella insurance to help put their minds at rest.
What is Umbrella Insurance?
Most homeowners and auto insurance includes liability coverage. But the minimum amount that is included isn’t enough for residents who are held liable in a serious auto accident or who experience a severe injury in their home.
Umbrella insurance will pay the amount a person is judged liable for up to the limit of their umbrella insurance.
How Much Umbrella Insurance Do I Need?
At Remarkable Insurance, they advise that you should have an umbrella policy which exceeds the total value of your assets, including home, autos, boat or RV, stocks, 401(k), IRA, bonds, and cash. If clients own their own business, the value of the business should also be included.
If a person has a high income, they are risking the future loss of income should they be held liable for an accident.
What Does Umbrella Insurance Cover?
Umbrella insurance will protect you in situations most people don’t think about. Here are some examples:
- A multicar accident where you are legally responsible for several vehicles that are total losses
- Medical bills caused by auto accidents, falls at your home, or even a child being attacked by your dog
- Legal fees to defend yourself
How Much Does Umbrella Insurance Cost?
Not as much as people think. The minimum umbrella policy is usually for $1 million. They usually require that you have more than the bare minimums on your auto and homeowners before purchasing an umbrella policy.
If you are carrying “normal” liability on your homeowners and auto, then a $1 million umbrella insurance policy in Ohio will cost very little annually. That’s a small price to pay for peace of mind. Reach out to our agents to learn more about umbrella insurance and how to get started on a policy.