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J. K. Meadors & Co Blog

All You Ever Wanted to Know About Insurance

Umbrella Insurance: Extra Coverage for High-Cost Liabilities

Umbrella insurance is one of the best values out there for your money. Yet many people aren’t really clear on what umbrella insurance covers. Here’s what you need to know to make sure you’re not leaving yourself open to financial losses due to liability.

Are You at Risk of Being Sued Over a Liability Claim?

These days many people – homeowners and renters alike – are sued over liability claims, like slip-and-fall injuries at their place of residence or dog bites while out on a walk. The risk of liability is everywhere today, and a liability lawsuit or private settlement could ruin you financially. You might have to sell your home, empty your bank account, or have your wages garnished to satisfy a court judgment against you.

How Does Umbrella Insurance Give You Better Liability Protection?

Your home insurance or renters insurance probably provides some liability insurance for scenarios like those described above, but it’s limited. A personal umbrella policy picks up where your other liability coverage ends, typically providing $1 million or more in protection. If someone successfully sues you, or if you have to pay a large settlement out of court, your umbrella insurance covers you and prevents financial devastation.

Umbrella insurance doesn’t just cover you at home. It protects you when you travel, like if you accidentally leave the bathtub running in a hotel and flood your room and the rooms below. It can also kick in when you reach the cap of your auto liability insurance after an expensive accident with high amounts of property damage or other motorists’ medical bills.

Who Needs a Personal Umbrella Policy?

You might be surprised to learn that most people could benefit from having umbrella insurance. You should definitely consider it if you:

  • Are a high-net-worth individual
  • Drive more than most people
  • Carry only the minimum required auto liability insurance
  • Own a dog (even a small one)
  • Entertain frequently in your home
  • Are a public figure
  • Have teenage children in your home
  • Travel often
  • Have stairs on your property

Our Independent Agents Will Help You Fill Liability Coverage Gaps

Most folks in Oklahoma aren’t aware of how many liability risks are out there that could cause lifetime problems without the right protection. It’s our job to help you make sure you’re not leaving yourself vulnerable.

Our independent agents offer stellar personalized service, and at J. K. Meadors & Co, we have more umbrella insurance options to choose from than you’ll find with big companies. Call us at 405-377-0000 to learn more, or start an umbrella policy online anytime.