There are very many types of insurance that you are required to have by law and lien holders, but there are also a few types of policies that are not a legal requirement but makes all the sense to have. One of those types of insurance is Umbrella insurance or ‘excess liability coverage.’
In Glendale, CA, nobody will arrest you or force you to purchase umbrella insurance. However, it is a type of insurance that could save you from total financial destruction. Voi Insurance Solutions LLC discusses umbrella insurance and why everyone should have one.
What is umbrella insurance?
Excess liability coverage or umbrella insurance is a form of liability coverage designed to provide extra protection beyond the coverage that home, auto, and boat insurance offer. This policy only kicks in when the liability limits of other traditional insurance policies have been reached. That means that umbrella insurance is not self-sufficient.
Why Umbrella Insurance is not just for the rich
There is a widespread assumption that umbrella insurance is for the wealthy as it is not a legal requirement. You might also be wondering why or how you will ever need such amount of coverage. However, nowadays it is impossible to predict how judges may award an injured person. Accidents do not have limits, and it is easy to find yourself having to dig deeper into your pockets when your auto insurance is not adequate to cover for all the loss or destruction.
This is where umbrella insurance comes in and settles the remaining amount so that you do not have to strain financially. Naturally, this can happen to anyone regardless of your social status. To know more about umbrella insurance or discuss new policies, visit us at Voi Insurance Solutions LLC in Glendale, CA today.