How Is Umbrella Insurance Different from Home or Auto Insurance?

At Leo Insurance Group we help Las Vegas, NV homeowners, car owners, and more in navigating different types of insurance policies to figure out the best plan to suit their unique needs. One frequently asked question that we receive is how umbrella insurance is different from home or auto insurance. Although umbrella insurance might seem similar to home and auto insurance, there are some key differences between these types of insurance policies.

What is umbrella insurance?

Umbrella insurance is a type of insurance policy that acts as an “umbrella” over other policies like home or auto insurance. In other words, it covers costs that stretch beyond these policies’ limits on coverage. While every umbrella insurance policy is different, most are designed to cover liability expenses, medical expenses associated with liability, and even damage to properties in some cases when these expenses exceed the primary policy’s coverage. 

Some umbrella insurance policies require home or auto insurance policyholders to have a certain level of home or auto insurance before they can approve umbrella insurance coverage. Overall, umbrella insurance is designed to give users an extra sense of financial security in the face of unexpected emergencies and difficulties.

What’s the difference between umbrella insurance and home or auto insurance?

The main difference is that umbrella insurance is not a primary policy. This means that you can’t have umbrella insurance without having some other insurance under the “umbrella” of it, so to speak. Umbrella insurance also only begins reimbursing the policyholder after the other policies have been exhausted. It’s a backup option, whereas home and auto insurance are the users’ go-to insurance for filing a claim.

To see how umbrella insurance can help, call Leo Insurance Group in Las Vegas, NV today!

What Is Umbrella Insurance?

If you already have home and auto policies, it’s important to know how much coverage you have in each. Often, there is little liability protection in these policies, and that can leave you vulnerable to extra costs after the policy has paid what it can. When you want better coverage, umbrella insurance is a great way to get that protection. And, it’s a more cost-effective way of adding more liability coverage. If you’re interested in this insurance protection, call us today at Leo Insurance Group in Las Vegas, NV.

Umbrella Insurance: What You Need To Know

Getting More Liability Coverage

When you add more liability coverage directly onto your auto and home policies, it can be prohibitively expensive. When you get an umbrella policy, it is reasonably priced and adds to both of those policies at the same time. Whether there is an accident in your vehicle or in your home, this policy makes sure that you have the coverage you need for liability. It gives you peace of mind in knowing that you are well-covered.

How Umbrella Insurance Works

After an accident has happened, your auto or home policy, depending on where the accident was, comes in to pay for the medical bills and other expenses that are due post-accident. When that policy maxes out, there may be bills left over that have to be paid. With umbrella insurance, that money doesn’t have to come from your own pocket. The policy will pay for those overages so that you won’t have to. The maximum payout of umbrella policies is very high, so an overage above that amount is unlikely. 

Find Out More About Umbrella Insurance

When you want better coverage for your home and vehicle, getting an umbrella policy is the responsible thing to do. If you’re interested in a policy, call us at Leo Insurance Group in Las Vegas, NV.

Why is Umbrella Insurance Referred to as Gap Insurance?

Most people think that their insurance is enough to cover their potential risk. But no one ever really knows how bad an accident or other incident might be that would require you to pay out-of-pocket for the surplus amount. This can leave you with additional expenses that you thought your insurance would cover.

The goal of insurance is to pay all (not part) of the financial loss of a particular incident such as auto collisions, rental insurance, and home insurance. But what if your current coverage is not enough?

Umbrella Insurance

Umbrella insurance (also referred to as "gap" insurance), kicks in to cover what your other insurance does not cover. It can increase the level of coverage in various situations such as auto insurance or housing insurance, or it may cover other areas of potential risk such as vandalism or theft that other policies do not cover.

What coverage you will get will depend on the company you deal with and the types of policies you are looking to put in place. 

Who Are We?

The Leo Insurance Group does offer gap or umbrella insurance, as well as many other types of coverage. You can speak with them anytime if you live in the Las Vegas NV area. They are focused on your needs and they consider every customer as important as a member of their family.

Weigh Your Risks

The most important factor in determining how much insurance you should carry has to do with your level of risk. Think about your daily activities, how much you drive or travel to other locations, and the number of your investments. 

Then turn to the experts with Leo Insurance Group, covering the Las Vegas, NV area for all of your insurance needs. Because today is the day to purchase insurance. Tomorrow might be too late.