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Great Southern Agency

12111 Spring Cypress Rd
Suite A
Tomball, TX 77377

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Umbrella insurance FAQs

Umbrella insurance is one type of insurance that confuses most people. They don’t know what it is and if it is worth having. At Great Southern Agency in Tomball, TX, we are independent insurance agents and we work for our clients, not for an insurance company. You can count on us explaining things to you so you have the information you need to make an educated decision. 

What is umbrella insurance?

Umbrella insurance is excess liability insurance. It supplements other insurance policies that you have with liability coverage. Some of the policies that have liability are home, condo, renters, auto, boat, and motorcycle. In the event that you have to use your liability coverage, your primary policy will cover to its limit and then your umbrella policy will kick in. 

Who needs umbrella insurance?

Almost everyone can benefit from umbrella insurance. Do you own a home? Do you have additional assets? Have you put aside some savings? Do you have a retirement account? Protecting all of these things is vital. What are the liability limits on your insurance policies? Will they leave you holding the bag in the event you need to use your liability protection?  Once you have the answer to these questions, you should be able to determine if umbrella insurance is a good option for you. 

Can I buy umbrella insurance without having other insurance?

No,  you can’t. Umbrella insurance is not a stand-alone policy. It is additional liability coverage in addition to the liability coverage that you have on another policy. 

Do only the rich benefit from umbrella insurance? 

No, it doesn’t matter how many assets you have, if you want to protect them, umbrella insurance is an affordable option. 

Call Great Southern Agency in Tomball, TX when you are ready to talk about how umbrella insurance might be right for you.

Can Umbrella Insurance Really Protect Me?

Insurance protects individuals against many things that can happen, such as fire, accidents, lawsuits, and more. However, sometimes insurance policies are not enough to cover all the costs associated with a claim. More and more people in Tomball TX choose to purchase umbrella insurance coverage, which protects them against the costs involved with a claim that basic insurance policies do not cover. Umbrella insurance can protect you, and the agents at Great Southern Agency can explain how. 

What Is Umbrella Insurance Coverage? 

To fully understand if umbrella insurance can protect you, you must first know what an umbrella, insurance policy is and what it covers. Umbrella insurance is an add-on policy to your existing liability insurance coverage. This policy comes into play when you reach the limits of your liability coverage on home or auto insurance. For example, when a claim is filed, your primary insurance policy only covers so much, the umbrella policy will cover and pay for the remaining balance. 

How Does Umbrella Insurance Protect Me? 

Umbrella insurance can protect you financially and protect all of your assets. For example, when a lawsuit or claim is filed against you, your umbrella insurance policy covers what your primary insurance plan does not. If you did not have umbrella insurance, you would be financially responsible for the amount of money you are liable for that your insurance company does not pay. 

What Does Umbrella Insurance Cover? 

Umbrella insurance offers additional coverage protecting against claims where you are found liable. Coverage includes bodily injury to others and damage to another person’s property.

Umbrella insurance can help protect Tomball, TX residents against financial responsibility associated with claims where they are held liable. The experts at Great Southern Agency can provide additional information as to how umbrella insurance coverage can protect you and your assets. 

Introduction to Umbrella Insurance

You may have heard the phrase, “Saving for a rainy day.” An umbrella insurance policy saves you from having to dip into that rainy day fund.

You can purchase an umbrella policy to add to the liability coverage you receive from home, renter’s, auto, RV, boat, or business policy. You cannot purchase an umbrella policy by itself from Great Southern Agency or any other insurance agent. It is a secondary type of insurance. You must own an appropriate primary insurance policy to qualify for an umbrella policy.

With an auto, boat, or RV coverage, you choose your level of coverage. For auto and motorcycle insurance, your state sets a minimum required amount you must purchase. Over and above that, you can add as much coverage as you want as long as you are willing to pay the premiums for it.

With home insurance, if you choose a standard homeowner’s policy for your Tomball, TX home, you receive between 10 to 20 percent of the home’s value as to liability coverage. That probably will not cover much since the average hospital stay costs about $15,000. If your home value is about $100,000, you would have between $10,000 to $20,000 as liability coverage. If more than one person gets hurt in the accident or peril at your home, you will have to pay out of pocket for the damages.

Umbrella insurance solves that problem for you. You can easily afford a million-dollar policy since this type of secondary insurance costs little.

Contact Great Southern Agency serving the Tomball, TX area for more information on umbrella insurance and how it can protect your finances. We can help you find the right combination of policies to protect your future.