Many people have questions about how to protect their assets and financial worth, as well as how to get the answers they need. For these reasons, umbrella insurance is an excellent option for Evergreen, CO, residents. At Davidson Insurance Agency, our agents are here to explain umbrella insurance coverage in simple terms, so you’ll know exactly what you’re getting with your policy.
What Is Umbrella Insurance?
Umbrella insurance acts as an extra layer of protection between you and unexpected events that could cause financial harm. This type of policy covers excess costs once your homeowners or auto insurance has reached its coverage limits. It serves as a safety net, protecting you from unforeseen expenses such as lawsuits, medical bills, and additional repairs to damaged property.
Umbrella Insurance Limitations
While umbrella insurance is a valuable enhancement, it does have limitations in Colorado. Depending on the insurer, you may be required to carry higher liability coverage on your home and vehicle policies, rather than the minimum liability coverage required by the state. Additionally, some insurers may require all policies to be written by the same provider.
If you own a boat, it’s important to check whether umbrella insurance covers it or if you need a separate policy for your watercraft. Umbrella insurance also has restrictions, such as not providing coverage for business-related liability, criminal acts, personal property, personal injuries, contractual liability, or intentional damages caused by you.
Contact Davidson Insurance Agency
For Evergreen residents interested in umbrella insurance, there’s a lot to consider before making a decision. Let our team at Davidson Insurance Agency help simplify the process. Call us today for more information.
