BlackDiamond Insurance Services offers umbrella insurance, so you can further protect your home, business, and other property from liability. Umbrella insurance provides an add-on or secondary policy to the central policy. The main policy must already include a liability component. This means you can also add umbrella coverage to boat or auto policies.
Since accidents, whether collisions, fires, or something else, can cost you a lot of money, the insurance industry describes umbrella insurance as saving you from a rainy day. If an accident occurs on your property or involves your equipment, the umbrella kicks in once you exhaust the payout from the primary policy. This saves you from having to dip into your savings or retirement funds to pay a court settlement.
Many individuals find that their auto insurance doesn’t cover as much as it seems it will. Most states require only $15,000 to $25,000 of coverage per person per accident, which sounds like a lot if you don’t know what an accident with serious injuries usually costs. The requirements only mandate coverage to pay for maximum costs for two people. An emergency room visit runs $1,500, but an auto accident costs about $3,300. Hospitalization, if required, costs $4,000 per day. If you need rehabilitative care or an at-home nurse after that, it costs an average of $4,300 per month.
This means that a multi-vehicle accident can evaporate your coverage quickly. The medical costs for two or three individuals with serious injuries would completely wipe out your available coverage. The umbrella insurance would cover their needs for medical expenses and pay any settlement arising from the accident.
Higher-income individuals and those with many recreational vehicles or pieces of recreational equipment need an umbrella policy more than others. If you have a swimming pool or trampoline at your home, this increases the risk of an accident. Your BlackDiamond Insurance Services insurance agent will recommend you obtain an umbrella policy to cover yourself for that additional risk. They will also recommend this coverage if you have ATVs, motorcycles, go-carts, boats, or other watercraft. Call us today about adding this vital policy to your insurance portfolio.
While our office is located in New York, we offer our services all across the United States.
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