Category: Umbrella Insurance

Umbrella insurance is a special type of coverage that provides an additional layer of protection beyond standard insurance. After a standard insurance policy’s coverage amounts have been reached, the umbrella policy can pay out additional money to help cover more significant losses. While not everyone may need umbrella insurance, there are a few reasons why this kind of coverage is recommended. 

Here is a summary of when umbrella insurance from Midwest Professional Insurance in Kansas is a good investment. We can provide additional coverage options and answers during a conversation with an agent. 

For those who own extensive assets

Some people may want additional coverage through an umbrella policy to protect their extensive assets. These may include real property and real estate, high-value automobiles, business assets, and other things with significant value. Standard insurance policies likely do not provide enough coverage to entirely protect these kinds of assets owned by high-net-worth individuals. 

High-risk situations

People who engage in certain activities, have certain jobs and are in certain situations always face a greater risk of loss. For example, those who live in high-crime areas in Kansas are exposed to a greater risk of theft and vandalism. People who drive a lot are also at a higher risk of being in a costly motor vehicle accident. Those with added risk due to their career or lifestyle will likely want to invest in an umbrella policy. 

Our agents can provide more info.

Midwest Professional Insurance has agents available who can answer questions and set up a policy. Please get in touch with us today to learn more about the benefits of umbrella insurance.

Navigating the insurance world is complex, but understanding the details and facts surrounding umbrella insurance and coverage gaps is important for protecting your assets and financial well-being. Midwest Professional Insurance is here to guide you, ensuring you have the necessary details to make informed decisions. Learn about the importance of umbrella insurance, how it can help close coverage gaps, and the key benefits of obtaining this additional layer of protection.

What Is Umbrella Insurance?

Umbrella insurance is a type of liability insurance designed to offer extra protection above and beyond the limits of your standard policies, like homeowners, auto, and boat insurance. When the limits are exhausted, umbrella insurance kicks in to provide additional coverage. As a result, umbrella insurance will protect you from a wide range of liability risks, including bodily injury, property damage, and even certain lawsuits.

Understanding Coverage Gaps

Coverage gaps occur when your primary insurance policies don’t fully cover the costs associated with a claim, leaving you responsible for the remaining amount. These gaps can result from various factors, including policy exclusions, limits, and deductibles. For instance, if your auto insurance policy has a limit of $300,000, and you are found liable for $500,000 in damages, the coverage gap would be $200,000.

Key Benefits of Umbrella Insurance

Extended Liability Protection: Umbrella insurance provides an additional layer of protection when the limits of your primary insurance policies are reached, minimizing the financial impact of a claim.

Broad Coverage: Umbrella insurance covers a wide range of liability risks, including personal injury, property damage, and legal defense costs in the event of a lawsuit.

Affordable Protection: Umbrella insurance offers a cost-effective way to enhance coverage and minimize exposure to financial loss.

The Role of Insurance in Closing Coverage Gaps

Midwest Professional Insurance understands the importance of comprehensive coverage to protect your Kansas assets and safeguard your financial well-being. By identifying potential coverage gaps and recommending suitable umbrella insurance policies, We help clients achieve peace of mind, knowing their assets are protected from unexpected liability claims.

Take Action Today by Calling Our Office

Don’t let coverage gaps leave you exposed to financial risks. Instead, contact Midwest Professional Insurance for expert guidance on securing the right umbrella insurance policy to meet your needs in Kansas. Our team will assess your current coverage, identify potential gaps, and recommend a tailored solution.

The liability coverage in your home, boat, or auto insurance protects you up to a specific limit. However, when faced with significant claims, your current insurance plans could run out, leaving you exposed. When you find yourself in such a scenario, umbrella insurance from Midwest Professional Insurance is excellent for digging you out of this hole.

What is umbrella insurance?

Umbrella insurance is the extra liability protection that takes over when your current insurance plans’ limit runs out. Suppose you are involved in a significant auto accident, where you are at fault. Assume that your current auto liability coverage has a $30,000 limit for bodily damage. However, liabilities emanating from the accident may run to, let say, $50,000. Without umbrella insurance, you are expected to cover the difference of $20,000 from your pocket.

What does umbrella insurance cover?

Umbrella insurance safeguards against the below:

• Bodily injury liability: Covers injuries sustained to third parties include a guest sustaining injuries on your premises or your dog biting a neighbor. 
• Property damage liability: Pays for damages caused to other people’s properties. For instance, damage to another boat in a severe boating accident where you are at fault. 
• Personal liability protection: The beauty of umbrella insurance is that it protects you against claims that aren’t covered by the base liability coverages. Umbrella insurance pays for the legal costs when you are sued against libel and slander. It also protects you against false arrest and malicious prosecution.

What does umbrella insurance exclude?

While umbrella insurance protects against several liabilities, it won’t protect you in the following instances:

• Criminal or intentional acts
• Injury to oneself
• Damage to own property
• Liabilities assumed under a contract

Would you want peace of mind by purchasing umbrella insurance? If yes, contact Midwest Professional Insurance today for a quote.