Umbrella insurance is actually a liability insurance, which is added to your primary insurance products. Sometimes you need an umbrella insurance policy because your primary insurance doesn?t cover all your losses. Umbrella insurance will give you and your property extra protection besides your existing policies.
Claims occur without your anticipation. For instance, someone may get hurt by your dog when you are walking the dog in the morning. Or chances are that a kid is drowned in your swimming pool, if you have one. These accidents are just examples, but they could happen some day unfortunately. Once accidents happen, you will be sued by the victim part and you may be required to pay many medical bills related to the victim as well as the legal fees. Yet if you have purchased an umbrella insurance policy, you will be free of hassle and heavy debt.
American Family Insurance Company provides you with three types of umbrella insurance products: personal umbrella insurance, commercial umbrella insurance and farm and ranch umbrella insurance.
? Personal umbrella insurance
As I have mentioned above, umbrella insurance supplements your primary insurance policies. So you should make sure that you have your home or auto insured before buying an umbrella insurance policy. When it comes to personal umbrella insurance, the primary insurance products include automobiles and motorcycles, primary residences, seasonal homes, most types of watercraft, recreational vehicles and 1 or 2-family rental dwellings. With personal umbrella insurance, you are not required to fork over any deductibles suppose your primary coverage has been used up.
American Family Insurance Company offers help in not only personal injury but also your assessments for both nationwide events and worldwide events.
When you are sued unfortunately for libel, slander, humiliation, defamation of character, wrongful eviction, invasion of privacy, wrongful entry, malicious prosecution, false arrest, detention or imprisonment, the American Family Insurance Company will be responsible for the costs.
In the case of your assessments, no matter you are a homeowner or a tenant, you will get reimbursements up to $100,000 dollars. Be noted that the company only covers the loss assessments of your share.
The amount of your insurance premium is based on how many residences (automobiles, boats) you have, which liability limit you select ranging from $1,000.000 to $5,000,000 dollars, which additional coverage you choose, and which state you live in.
The company also offers some discounts, like age 50-plus umbrella discount, high underlying limits discount and another discount by bundling your home insurance and umbrella insurance.
? Commercial umbrella insurance
The commercial umbrella insurance, which has a long history of more than 30 years at American Family Insurance Company, is used to fill the gap that your underlying business insurance policy leaves. Like an individual, a company may suffer great losses caused by an unforeseen accident, or even fails to operate normally especially for small businesses.
Several businesses, as recommended by the company, may have the need to buy commercial umbrella insurance, such as retail stores, salons, beauty and barber shops, contractors, churches and other religious institutions, condominium associations, restaurants, funeral homes, apartment buildings, offices, service stations, motels and so forth.
The liability limit between $1,000,000 and $5,000,000 is available to you if you add in a commercial umbrella insurance policy. A higher limit is also available, and you have to contact one of their agents for detailed information. Once you choose it, the company will protect you in commercial general liability, garage liability, business auto liability and employer?s liability. Speaking of commercial general liability, there are many aspects:
1. bodily injury
2. property damage
3. personal injury
4. defense costs
5. attorney?s fees
6. limited contractual liability
7. worldwide coverage for suits brought in the U.S.
? Farm and ranch umbrella insurance
This insurance product can protect your farm and ranch by providing you with a coverage ranging from 1 million dollars to 5 million dollars. If you want to know more about the coverage, premium and the requirements, you should consult an agent by providing your name, address, location and the zip code at their website.
Who needs an umbrella insurance product? The decision is usually determined by your occupation, you living habits and states, and your properties. For example, a person who owns a car is more vulnerable to accidents than someone who doesn?t have one. So if you have no car, I suggest your should think twice on the umbrella insurance.
Likewise, if you don?t have your own home and you are now single, the traditional liability insurance may protect you from various costs if you are at fault, which means you probably don?t need an umbrella insurance policy for additional protection.
For those who keep pets, I strongly recommend them to consider umbrella insurance. Say you keep a dog, the traditional insurance may cover all the expenses if the victim is a healthy young man. But if your loved dog bites a senior with a heart disease, you will be out of luck. God knows what will happen to the poor senior after your dog?s bite. You will be sued and required for lots of money that you can?t afford.
Also, a company with employers engaging in dangerous work should take umbrella insurance seriously enough. I have seen too many industrial injuries. So don?t leave your business unprotected or insufficiently protected.
Note: This web site is not affiliated in any way with American Family Insurance. Always seek financial advices from professionals and find accurate American Family Insurance service information on its official web site.
Source: http://www.insurance-how-to.com/american-family-insurance-umbrella-insurance/
big ten acc challenge scott disick lipitor lipitor kourtney kardashian pregnant again kourtney kardashian pregnant again apple juice
No comments:
Post a Comment