Understanding The Coverage Of Your Personal Umbrella Policy
Many individuals and business owners opt for umbrella insurance to extend the liability limits of their existing coverage. While these lifesaving policies can provide you with extra coverage when you need it most, there are still incidents that are excluded from coverage under these policies. Yes, a personal umbrella policy is intended to provide you with coverage when your renters insurance, auto insurance, and home insurance in Astoria, New York fall short, but the following accidents and incidents will be excluded from coverage under a personal umbrella policy:
- Damage to your personal property will likely not be covered by your personal umbrella policy. In order to offer your valuables extra protection, it is best to seek scheduled personal property coverage.
- Losses your business suffers will not be covered by your personal umbrella policy. This includes your home-based business. If you want to extend the liability limits of your business insurance in Astoria, New York, you will need to purchase an exclusive commercial umbrella insurance policy, as opposed to a personal umbrella policy.
- Despite popular belief, if you intentionally cause an accident or harm, your personal umbrella policy will not provide you with coverage. Likewise, if you perform an illegal or criminal act, it will not be covered by your policy.
- If any liability arises out of a written or oral contract, your policy will likely not cover the costs. This includes if you are faced with a lawsuit after you hired an independent contractor to work on your home. The contract will likely cease your coverage in most cases.