An umbrella policy is a type of liability insurance that you can purchase in addition to your existing liability insurance policies. It gets its name because it gives you extra coverage above and beyond the financial limits of individual policies. We at AS Insurance Agency can help you decide if an umbrella insurance policy is something you need to protect your New Hampshire property and possessions.

Umbrella Insurance Benefits

How an Umbrella Policy Works

You’ve built up a portfolio of physical and paper assets throughout your life, and you’ve insured each asset under its appropriate type of insurance policy such as homeowners, auto, and watercraft if you own a boat. However, you want more coverage for contingencies and the existing policies can’t or won’t go far enough in case you find yourself defending against a lawsuit. Umbrella policies are designed for those who engage in risky activities that have an increased risk of civil liability, but anyone can get an umbrella policy to protect their assets.

Why Should I Get an Umbrella Policy?

The fact of the matter is that anyone can sue someone for any reason in the U.S. You may be at higher risk of a lawsuit because you are perceived to have a lot of money and assets. If someone decides to sue you for injuries they received and felt that your insurance policies didn’t offer enough money, you could be held liable for more money.

An umbrella policy kicks in when your auto, homeowners, or watercraft liability insurance policies are exhausted. It will provide more coverage above and beyond the existing policies and protect your assets from being lost in a lawsuit.

Insurance companies may also deny coverage for services that were obtained without preauthorization. In addition, insurers may refuse payment for name-brand drugs if a generic version or comparable medication is available at a lower cost.

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