Pros and Cons Of Umbrella Insurance

So, you may wonder: what is umbrella insurance? It is known as a special type of insurance that offers extra coverage beyond the limits of your other insurance types. If you are eligible for any damages, umbrella insurance will protect your assets and cover any financial gaps. It is not mandatory insurance, but it is worth having it for your peace of mind. Keep on reading this post to know more about the pros and cons of this unique coverage: 

What Are the Pros Of Umbrella Insurance? 

Umbrella insurance is what can protect you from a serious financial loss. Here is a list of its major advantages: 

  • It will cover you when you reach the limit of your auto or home insurance. 
  • It covers the events and situations that other policies might refuse to cover. Such events include slander and libel. 
  • Umbrella insurance usually offers high coverage limits. 
  • The majority of umbrella insurance policies cover you anywhere in the world, meaning that you can have peace of mind while traveling internationally. 
  • It often covers expensive rental items and equipment that other insurance policies do not cover. 

Does Umbrella Insurance Have Any Cons? 

Even though umbrella insurance is great to have, it has certain downsides and limitations:

  • You can purchase an umbrella insurance policy unless you already carry auto or home insurance. 
  • If you get injured, umbrella insurance will not cover your own medical bills. 
  • Damage to your personal property is also not covered by umbrella insurance. 

If you live in Reno, NV, and are considering purchasing umbrella insurance, Hinman & Associates Insurance is the right company to contact. At Hinman & Associates Insurance, we specialize in different types of insurance, including umbrella insurance. We are to answer your questions and provide detailed information about available insurance options. Reach out to us today to have coverage tomorrow.