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What is an Umbrella Policy?

Our previous two blog posts talked about automobile insurance and homeowner’s insurance, but there is another very important type of insurance that every injured person’s attorney should be looking for. An umbrella policy can provide valuable coverage for the most serious injuries, whether they occur on the road, at home, or somewhere else.

umbrellapicAn umbrella policy is “excess coverage,” which means that it only kicks in after some other kind of insurance coverage has been exhausted. It doesn’t matter what the other kind of insurance is, and if there is no other insurance that covers then the umbrella policy will typically kick in. A typical situation would be a very serious car accident, where the injuries as a result of the accident are in the millions of dollars. The automobile insurance policy for the at-fault driver might have only $100,000 limit, but the driver’s umbrella policy might be as high as five million dollars. Although the injured driver will have to receive the entire policy limits from the automobile policy first, once that happens the entire umbrella policy is available to pay any damages the injured driver can prove.

How Can a Lawyer Help Me?

Most people do not have umbrella policies, so many attorneys don’t think to check for one. This is why an experienced personal injury attorney, such as those at Lawrence & Associates, should be contacted for serious injuries. The worst thing an injured person can do is settle an insurance claim for an amount of money much smaller than the total damages under the mistaken belief that there is nothing out there beyond the automobile or homeowner’s insurance policy. Remember that the insurance company is not required to tell you about the existence of an umbrella policy. You have to figure that out for yourself!

Our experienced personal injury attorneys can examine the insurance coverage related to any injury and make sure you take advantage of each and every insurance policy with coverage. We help injured Northern Kentucky residents every day. If you have questions about your insurance policy, please call today! Lawrence & Associates is Working Hard for the Working Class, and we want to work for you!