Umbrella Insurance


Understanding Umbrella Insurance

Costs that exceed coverage provided by standard policies could lead to massive financial loss, especially while facing your first major insurance claim or even a lawsuit. Province Insurance is here to help with your financial future.

Umbrella insurance has an odd ring to it, but the concept is simple. Just like a real umbrella adds a layer of protection between you and the rain, umbrella insurance adds an extra layer between you and insurance overages.

Umbrella insurance is commonly something you acquire in addition to standard insurance policies such as car or homeowners.

Umbrella insurance is an alternative to consider when your main policy includes liability that does not necessarily meet your needs. An umbrella policy will only pay the remainder of your costs when your main insurance has reached or exceeded its limit.

To elaborate, if your auto policy covers liability up to six hundred thousand dollars, but the accident that occurred requires seven hundred thousand dollars to cover the expenses, your umbrella policy will pay the remaining one hundred thousand dollars after your main policy fully pays out.

We know what you are thinking, what about the cost? Umbrella insurance policies, like any other, have their limits but are not as likely to be an issue. Luckily, even though it covers large potential payouts, the premium is cheaper than you may expect because of the reduced risk the policy will have to pay out in the first place.

Don't be afraid to discuss having a cost-effective umbrella policy added to your account. It is an easy task and provides that extra layer of protection that you might need one day and provide you with peace of mind should disaster ever strike.

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