Your assets are protected under a standard insurance plan. What happens, though, when the limits of your Texas indemnity policy fall short of paying for all damages in an incident. An umbrella insurance plan may be the right choice for you if you are looking for an extra safety net to further solidify financial security. The agents at Gruene Insurance Services can help you find the umbrella insurance policy that best suits your lifestyle.
What is Umbrella Insurance?
You can consider umbrella insurance as your backup plan when your traditional insurance policy's limits are exhausted. An example of when umbrella insurance would be useful is when a pipe bursts and severely damages your condo. Your condo indemnity plan may pay for repairs to the structure of your residence. You, however, may be on your own when it comes to personal possessions. An umbrella insurance plan can pay for the necessary costs to replace your personal belongings damaged by the broken pipe. In this sense, an umbrella indemnity plan acts as a saving grace so that you do not have to pay to replace your personal possessions out-of-pocket.
How Does Umbrella Insurance Work?
Umbrella insurance only works with a standard insurance policy. An umbrella insurance plan in Texas is designed to pay for expenses not covered by your traditional insurance policy. The additional coverage does not work as a standalone policy. You file a claim under your umbrella insurance plan much like you would if you had a car accident and needed to make a claim. Your insurance provider may ask for additional information before providing payment for the remaining balance. Still, taking advantage of your umbrella insurance policy when you need it the most is not a complicated process.
How Much Insurance Do You Need?
The amount of umbrella insurance you need depends on a number of factors, which include your lifestyle preferences and how much coverage your standard insurance policy provides. The agents at Gruene Insurance Services can help you find the right plan. Call today to get started with a quote!