You have homeowners insurance. You have auto insurance. You may even have boat insurance. That means all of your bases are covered, right? Maybe not.
Each of these policies places a cap on your coverage limit. So what happens when you exceed that cap? You pay for it out of pocket. Unless you have Umbrella Insurance from Bancorp Insurance, that is.
This coverage is liability insurance that provides coverage for losses that exceed your coverages found on your original policies. Here’s an example:
You live in Central Oregon, where icy roads are common in the winter months. It’s the end of your workday and you just want to get home. But the roundabouts in town are frozen over. You misjudge your speed approaching one and fail to yield before entering. You try to slam on the brakes, but instead start to slide. BAM! There is an accident and you’re at fault.
Both you and the other driver are seriously injured. Your medical bills mount up well over $500,000. Even worse? The medical payments portion of your auto insurance will only pay for damages up to $250,000. Thankfully, you have an Umbrella policy that pays the remaining $250,000.
True Umbrella coverage is ideal for both individuals and families. Not only does it provide an added layer of protection, but often times it also covers gaps in your primary insurance policy. At Bancorp Insurance, we work with Oregon residents to determine how much additional coverage you may need. The following coverages are provided by Umbrella Liability Insurance:
Bodily Injury Liability – Provides coverage for damages to another person’s body.
Personal Injury Coverage – Covers the costs of mental anguish attributed to the following examples:
Property Damage Liability – Pays for the costs associated with another person’s property damage or loss.
Landlord Liability – As the owner of a rental property, you are at risk for lawsuits stemming from a number of potential incidents. Umbrella Insurance can help to ensure you are covered beyond your primary landlord insurance policy.
World Wide Coverage (Check with Your Agent)- Pays for a claim for any coverage listed above anywhere in the world!
An umbrella policy from Bancorp Insurance is not for everyone. An umbrella policy would be right for you if you already have higher limits on your current home or auto insurance policy. One of the main reason to purchase an umbrella policy is to protect your current assets or protect yourself from future wage garnishment in order to pay for an insurance claim exceeding your current limits.
We want to help protect you and your interests. Oregon Umbrella Liability Insurance is ideal for ensuring your financial well-being. Contact our office today and speak to a member of our friendly and professional insurance staff. We look forward to hearing from you soon!
“Steve has gone over and above to get us a good deal on our insurance for renters and auto. Thank you so much, Steve.” — Susan Wales, Yoncalla, OR.