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In general terms, umbrella insurance will offer an extra layer of protection against liabilities. With umbrella insurance, you will have a peace of mind even if you are responsible for an accident. Unfortunately, umbrella insurance is more beneficial to certain individuals as compared to others due to certain exclusions. These exclusions are discussed below.
1. There are some risk factors which could impact your coverage.
The most attractive aspect of the umbrella policy is liability coverage. However, there are some risk factors which could influence your coverage, these includes:
- Traveling for long hours
- Commuting during rush hours
- Having dogs
- Owning swimming pools
2. The Insurance will not cover all Lawsuits
When you commit an intentional crime such as property damage, bodily harm, discrimination, and sexual harassment, your Umbrella policy will not cater for the liabilities. The role of an umbrella policy is to help you in the case of unintentional accidents, but not malicious acts.
3. Your Coverage can be influenced by "Attractive Nuisance."
Attractive Nuisances can be described as the equipment or features on your property that could cause harm. They include sports equipment, jungle gyms, swing sets, hot tubs, and swimming pool. Your Umbrella insurance will cater for property and personal liabilities caused by these attractive nuisances.
4. Some Dog Breeds will not be covered by Umbrella Insurance
Your primary insurance may cover dog bites, but some injuries might require reconstructive surgery and compensation due to the wages lost. Umbrella insurance will help you out in the case of such situations. However, there are dangerous dog breeds which are at times excluded from the coverage, which is why you should check whether your dog breed is covered.
Umbrella insurance will help you out in the case of liabilities regardless of whether you are at fault or not. You should, however, stay informed about the type liabilities that your policy covers and those that it doesn’t. For more information contact Lakewood, CO, Colling Insurance Services, Inc.