Umbrella insurance in Charlotte, NC is becoming increasingly popular. It can help protect your assets if you’re a high-net-worth individual. People with more assets are also more likely to face liability lawsuits, making this type of coverage essential. Even if you’re not considered high net worth, these policies can help you avoid going into debt.
How Does Umbrella Insurance Work?
Umbrella insurance functions as a secondary policy. First, the coverage limits of your existing policies are exhausted. For example, if you’re in a car accident and are at fault, your auto policy will cover damages and medical bills first. Then, if there’s still money owed, the umbrella policy can help cover the remaining costs. Agents at Kempton Insurance Group can help you learn more.
What About Personal Property?
Umbrella insurance does not cover your personal property. For example, in the same car accident, the umbrella policy would help pay for the other person’s bills and property damage, but not yours. It’s designed to work as liability coverage, which doesn’t extend to your belongings.
Personal Property Coverage
It’s crucial to ensure you have enough coverage for your belongings, as umbrella policies won’t provide sufficient protection. For home insurance, create an itemized list of the replacement costs for your household items and ensure you have adequate coverage. Make sure your auto policy provides enough coverage to replace your vehicle in the event of a total loss.
Ensuring you have enough coverage for your personal property is essential. Representatives at Kempton Insurance Group will work with you to ensure you’re financially secure. We offer various types of coverage and insurance policies. Contact us today to learn more. We’re currently serving the Charlotte, NC area.
