Every umbrella insurance policy in Longmont, CO is different, so we’re not going to be dealing in absolutes. But, generally speaking, your umbrella plan is not going to cover your own damages. That is, if your car is damaged in an accident, you would go to your auto insurance provider in order to get that covered. But, if someone else’s car is damaged in an accident, and you are found to be at fault, umbrella insurance could kick in and protect you from lawsuits if the damages exceeded the limits of your auto policy.
Whatever you might be told about insurance, you can always find an exception. You can find commercial insurance policies that cover commercial autos by default, you can find home insurance providers that will pay to pull a fallen tree off of your property even if it didn’t crush any insured property. This is because every policy is written specifically for the person buying it. But by and large, there’s not much point in trying to talk your umbrella insurance provider into selling you coverage for your car or home or other personal property. Umbrella insurance is about liability.
The fact is that it’s very easy to calculate precisely what your car or home or other property is worth. There is a cap on that number. A $250,000 home is not going to cost $2,000,000 to repair, so you can safely insure it for what it’s worth and leave it at that. Umbrella insurance comes in handy because liability costs really have no ceiling. The cost can be far higher than anything you were prepared to pay out of pocket.
If you’re in Longmont, CO and considering buying umbrella insurance, get in touch with 1st American Insurance Agency. 1st American Insurance Agency can provide you with a plan that works for you.