Umbrella insurance is a type of secondary coverage that provides extra liability insurance above and beyond your auto and homeowners insurance
What It Is:
In some instances, it may act as the primary coverage if your other insurance excludes coverage for an incident, such as libel or slander.
Who It Is For:
Home insurance is for people who live in a home that they own. If you don’t own the home you live in or if you don’t live in the home you own, you need other types of insurance.
How Does It Work:
Homeowners insurance works like other types of property and casualty insurance. If your home is damaged by a covered event, such as a storm or fire, you need to contact your insurance company to make a claim. Your insurer will then send out an adjuster to make sure the event is covered by the policy and determine the extent of its liability. Once that has been determined, your insurance will kick in and start paying for things that are covered, including repairing the damage to your home and paying for you to live elsewhere for a time if necessary.
Different Types Of Coverage:
Homeowners policies are relatively standard in what they cover and what they don’t. Hail, wind and fire damage typically are covered while flooding and earthquake damage aren’t. Most insurers offer endorsements and riders to add coverage.
The main benefit of having insurance for your home is ensuring your protect your investment. A secondary benefit is the personal liability protection you get.
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