The benefits of umbrella insurance are substantial. This policy provides an extra layer of security, protecting your assets and income and offering peace of mind. If you’re considering adding umbrella insurance to your coverage, remember that it must be applied to one of the following primary insurance policies.

Homeowner Insurance

As a homeowner, umbrella insurance can supplement your homeowner insurance policy once you’ve exhausted your liability coverage on your primary plan. This covers any instances where you’re found liable for incidents occurring on your property. It also helps protect your personal assets and income, preventing you from paying out of pocket or selling your property.

Auto Insurance

Similarly, umbrella insurance can supplement your auto insurance policy. If you’re found liable in an incident while driving your car, umbrella insurance provides an extra financial cushion. This is particularly useful in auto accidents involving multiple parties and extensive damage.

Renters Insurance

Even if you don’t own a home, renters insurance provides protection as a tenant. If an accident occurs where you’re found liable for damages, the homeowner will not be responsible. With umbrella insurance, you’ll have additional financial coverage to pay for damages and expenses related to the incident.

Commercial Insurance

Whether you run a small business from your home or have a separate commercial property, it’s important to protect your business assets with an umbrella insurance policy. Damage caused by equipment, employees, or your property can be extensive. An umbrella insurance policy can protect your business and your investments.

If you live in the Birmingham, MI, area and want more information on umbrella insurance, contact High Favor Insurance today.