Umbrella Insurance
Enhance your Protection in North Carolina
What is the Purpose of Umbrella Insurance? Umbrella insurance provides an extra layer of liability coverage beyond the limits of your existing policies, such as auto, home, or renters insurance. It is designed to protect you from significant financial loss due to major claims or lawsuits. At Binsurance, we understand the importance of comprehensive protection for our clients. As your dedicated agent, we make the process of obtaining umbrella insurance straightforward and hassle-free. Our personalized approach ensures that you receive a policy tailored to your specific needs and risk profile. We are here to provide expert advice, personalized quotes, and continuous support to ensure you have the best possible coverage
Extended Liability Coverage
Umbrella insurance extends your liability coverage beyond the limits of your standard insurance policies. This is crucial if you are found liable for an incident that exceeds your primary insurance coverage.
Protection Against Major Lawsuits
In today’s litigious society, lawsuits can lead to financial ruin. Umbrella insurance helps protect your assets and future earnings from large claims.
Coverage for Various Risks
It provides additional coverage for various situations not typically covered by standard liability policies.
When is Umbrella Insurance Activated?
Umbrella insurance is activated when the liability limits of your primary insurance policies, such as auto, home, or renters insurance, are exhausted.
How it works, when it kicks in.
Exceeding Primary Policy Limits
If you have an auto insurance policy with a bodily injury liability limit of $250,000 and you cause an accident that results in $500,000 in medical expenses for the other party, your umbrella insurance will cover the remaining $250,000 once your auto policy limit is reached.
Protection Additional Coverage for Various Risk
Personal Injury Claims: If you are sued for slander, libel, false arrest, or other personal injury claims not covered by your primary policies, your umbrella insurance will step in to cover legal fees, settlements, or judgments.
Example: If someone sues you for defamation and the legal costs and settlement amount to $1 million, your umbrella insurance will cover this amount if your primary homeowner’s insurance does not cover such claims.
Global Coverage
Umbrella insurance often provides coverage for incidents that occur outside the coverage area of your primary policies.
Example: If you cause an accident while driving a rental car in another country and your auto insurance does not cover international incidents, your umbrella policy can cover the liability costs.
Broader Protection
Property Damage Liability: If you accidentally cause extensive damage to someone else’s property and the costs exceed your homeowner’s insurance limits, your umbrella policy will cover the additional expenses.
Example: If you damage a neighbor’s house while trimming a tree and the repair costs are $200,000, but your homeowner’s policy only covers $100,000, your umbrella insurance will cover the remaining $100,000.