Should You Get Umbrella Insurance?

Umbrella insurance is often called catastrophic coverage because it covers high-cost events. Do you need an umbrella policy, or is your current coverage enough? At Leo Insurance Group in Las Vegas, NV, we offer umbrella insurance policies. Let’s take a look at signs you should get an umbrella policy. 

What is Umbrella Insurance? 

Umbrella insurance typically has coverage limits of $1 million up to $10 million. If you are liable for a catastrophic event, like a 10-car pileup, this policy will cover what your standard policy doesn’t. 

You Have Standard Insurance Policies

To qualify for umbrella insurance, you must have standard policies. You can be eligible for umbrella insurance if you have a homeowner’s and auto policy. However, first, you’ll need the maximum coverage limits for your standard policies. 

Your Net Worth Exceeds Your Coverage 

An umbrella policy is designed to protect you from liability that exceeds your current policy limits. You should consider an umbrella policy if you have $1 million in assets but $500,000 in auto insurance liability. 

If you have the means to pay the costs, you are more likely to be sued and have a large judgment against you. 

You Are Concerned About Your Financial Future

What if your net worth doesn’t exceed your current policy limits? You may still need umbrella insurance. If there’s a judgment against you, it can also include future earnings. This means you may be paying the costs long after the event has occurred. 

You Want Peace of Mind  

Umbrella coverage typically picks up where your primary insurance policy stops and covers the difference. However, it also covers things not covered in your standard policy. This can give you peace of mind. 

Umbrella Coverage at Leo Insurance Group

If you need umbrella coverage in Las Vegas, NV, contact us at Leo Insurance Group. Our friendly agents are here to discuss your insurance needs and help you select the best policy. 

Four details you need to look at on your umbrella insurance policy

Umbrella insurance is a great financial product for consumers who are looking for more financial security. At Leo Insurance Group, we provide umbrella insurance to consumers in Las Vegas, NV.

There are numerous details that consumers need to look into when evaluating umbrella insurance.

The following are four details you need to look at on your umbrella insurance policy. 

The amount of coverage you’re getting

Umbrella insurance policies specify the maximum amount of coverage that they can offer. As a general rule, consumers should invest in enough umbrella insurance coverage to cover the full amount of their net worth. 

The coverage requirements that your primary policies must meet

Umbrella insurance policies usually specify a certain amount of coverage that a policyholder’s primary policies need to provide. Make sure that your home, auto, and other insurance policies meet the coverage requirements specified in your umbrella insurance policy. 

The coverage offered for legal defense expenses

Legal costs are one of the most important types of expenses that your umbrella insurance policy needs to cover. That’s because you could face very high legal fees if you are sued.

Make sure you choose an umbrella insurance policy that offers adequate coverage for costs you might face while mounting a legal defense if you face a lawsuit. 

The process for filing a claim

Be sure to do some research on the claims process so that you know what to do if you need to use your umbrella insurance. This will save time and minimize stress down the road. 

Schedule A Consultation Today

If you have questions about umbrella insurance in Las Vegas, NV, get in touch with us at Leo Insurance Group to find the answers you’re looking for. Get started on the path to a secure financial future by contacting us for a policy quote today!

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.