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Why Is It Called Umbrella Insurance?

Did you think it was for insuring umbrellas? While Gucci has designed an umbrella with a four-figure price tag and actor Danny DeVito still has the spiral-painted umbrella from Batman Returns in his possession, most umbrellas aren’t considered worth insuring. Umbrella insurance gets its metaphorical name because it covers your savings and personal assets, protecting them just in case your primary liability policies aren’t sufficient. 

How It Works

Umbrella insurance comes into effect in the event of a catastrophic loss exceeding primary policy coverage limits. This will prevent your assets from being seized should you be found liable for large damage. It’s just a little extra insurance that’s there just in case you need it, much like someone would take an umbrella with them just in case it rains. Umbrella insurance is a sort of backup plan, expanding your protection rates when faced with a large claim. 

What Does It Cover?

It varies from one policy to another, but typically, umbrella insurance protects you in case of liability for injury and property damage, defamation, false imprisonment, and landlord liability. Associated legal costs will also be covered. It may not cover damage to yourself or your property. If your liability is due to a breach of contract, umbrella insurance won’t cover it. And, of course, if you’ve committed a criminal offense, you’re on your own. 

Contact Dalessandro Agency Inc. in Grand Rapids, MI

Does umbrella insurance sound like something you might need? If so, and you live in the Grand Rapids, MI, area, please get in touch with Dalessandro Agency Inc. Our congenial and sagacious agents will help you find the policy best suited to you and your needs.  

Umbrella Insurance Myths Debunked: Clearing Misconceptions About Coverage

Umbrella insurance is an often misunderstood insurance coverage that protects liability beyond standard policies like auto, home, or renters insurance. Despite its importance, several myths and misconceptions surrounding umbrella insurance in and around Grand Rapids, MI may lead individuals to underestimate its value. 

Myth 1: Umbrella Insurance Is Only for the Wealthy

Fact: Umbrella insurance is not limited to the wealthy; it benefits anyone seeking extra liability protection. It is valuable for individuals with significant assets to protect, but it’s not exclusive to the affluent. 

Myth 2: I Don’t Need Umbrella Insurance Because I Have Home and Auto Insurance

Fact: While home and auto insurance policies offer liability coverage, they may have limits that may not be sufficient to cover all potential liability claims. Umbrella insurance serves as an additional safety net. 

Myth 3: Umbrella Insurance Is Only for Personal Coverage

Fact: Umbrella insurance is not limited to personal coverage. It can also extend to provide additional liability protection for businesses, landlords, and nonprofit organizations. 

Myth 4: I Don’t Need Umbrella Insurance if I’m Not at Fault in an Accident

Fact: Even if you are not at fault in an accident, you may still face legal claims or lawsuits. Umbrella insurance can help cover legal costs, settlements, or judgments, protecting your assets and financial well-being.

Myth 5: Umbrella Insurance Is Expensive

Fact: Umbrella insurance is surprisingly affordable, especially considering its substantial additional coverage. 

Myth 6: Umbrella Insurance Covers Everything

Fact: While umbrella insurance offers broader liability coverage, it has limitations. It does not cover damage to your property or injuries to your family members. 

Dalessandro Agency Inc. Can Help You

At Dalessandro Agency Inc., we can help answer questions concerning umbrella insurance. We serve the Grand Rapids, MI area. Contact us today. 

Who should get umbrella insurance?

Umbrella insurance is a type of additional protection for individuals who have assets and incomes that exceed their existing home and auto policy limits. It provides an extra layer of coverage to safeguard against catastrophic losses due to liability claims from accidents or other unforeseen events. At Dalessandro Agency Inc., we specialize in umbrella insurance for people and families in the Grand Rapids, MI area.

Benefits of Umbrella Insurance

This type of insurance is particularly beneficial for those with high-value homes, multiple properties, investments, or businesses as it can help protect these assets from potential litigation due to large awards or settlements.

It’s important to note that everyone should consider getting umbrella insurance regardless of the value of their assets. Even if you are not currently worth a lot, it would be wise to purchase this coverage in case your financial situation changes over time. Additionally, those who are at higher risk for potential lawsuits (such as business owners or those with dangerous hobbies) should also look into this option as it could save them from substantial legal fees down the road. 

Overall, umbrella insurance can be an incredibly valuable asset for anyone looking to protect themselves from financial ruin due to unexpected liability claims. Whether you’re worth a lot now or anticipate being worth more in the future, investing in this supplemental type of coverage could be a wise decision.

Contact Us Today

If you have any questions about whether or not you should get an umbrella policy, or lares ooking for more information on any type of insurance, give us a call at Dalessandro Agency Inc. today. We proudly serve the Grand Rapids, MI area, and we’ll be happy to help you find a policy that suits your needs.

Why Should You Consider Getting Umbrella Insurance?

Umbrella insurance is an additional type of insurance that provides extra protection beyond the existing standard coverages, such as home insurance, auto insurance, boat insurance, and others. Umbrella insurance provides coverage for property damage, personal liability situations, certain lawsuits, and injuries.

Consult with  Dalessandro Agency Inc. in Grand Rapids, MI for expert insurance advice. If you consider getting this type of insurance, there are certain things you should keep in mind:

What Should You Consider Getting Umbrella Insurance?

Before purchasing an umbrella insurance policy, you should know the following: 

  • Umbrella insurance is more affordable than many people think. You may mistakenly believe that umbrella insurance is expensive, but it is the opposite – it is one of the most affordable types of insurance. The average cost of umbrella insurance is between $150 and $300 a year. 
  • It applies to a broader range of situations than standard types of insurance. For example, it covers such things as libel and slander, malicious prosecution, legal defense costs for covered losses, false arrest, liabilities while traveling overseas, and others. 
  • Umbrella insurance has certain limitations and does not cover everything. It does not cover intentional property damage and injuries, your own property damage and injuries, and property damage and injuries caused while performing professional or business activities. 
  • It is especially recommended to certain categories of people. These categories include homeowners with swimming pools, dog owners, homeowners with a trampoline or tree house, and families with teenage drivers. 

Get Umbrella Insurance Today

If you are thinking of purchasing umbrella insurance and you need help in finding a good policy addressing your needs, you should reach out to Dalessandro Agency Inc. in Grand Rapids, MI. Our knowledgeable and experienced insurance agents will assist you in finding the perfect umbrella insurance policy. We also specialize in other types of insurance as well. Feel free to visit our website or call us to find out more. 

How Does Umbrella Insurance Work?

Umbrella insurance is a different type that works alongside other insurance policies that you have. It gives people better coverage than they have so that they are better protected financially after an accident. This type of coverage works alongside your home and auto policies to expand your coverage. If you need umbrella insurance for your financial protection, call us at Dalessandro Agency Inc. in Grand Rapids, MI. 

Liability Coverage

You can only get umbrella insurance if you already have both home and auto insurance. An umbrella policy adds to the amount of liability coverage that you have in both those policies. Home and auto insurance comes with some liability coverage, but it is generally not very much. If a serious accident occurred, the amount of coverage that you have through home or auto likely won’t pay for all of the medical bills that result from it. 

How Umbrella Works

When there is an accident in your house or your vehicle, you can be held liable for paying the resulting medical bills. First, your home or auto policy assesses the injury bills and pays for them up until it meets their payout ceiling. Once this happens, there may be a lot left over. Umbrella insurance then comes in and takes care of that. And, umbrella coverage comes with very high payout limits. This offers a lot of extra protection for you, but it doesn’t cost much to get. If you were to revisit your home and auto policies and add liability coverage directly to them, this would cost a lot more than an umbrella policy. 

Get Your Umbrella Insurance

If you have a home and an auto policy, you should consider getting an umbrella policy to give you more protection. Call us now at Dalessandro Agency Inc in Grand Rapids, MI.

Three unique things about umbrella insurance you should know

Your insurance company in Grand Rapids, MI, may probably have suggested that you get umbrella insurance on top of your home and auto policies.  The policy might be quite confusing if you don’t know how it works, and that’s why Dalessandro Agency Inc. recommends learning more about the policy before making any purchase. Here are the top 3 unique things about umbrella insurance.

Liability and more liability

Umbrella insurance is all about liability coverage. Our litigious environment puts all of us at risk of getting sued every time because of accidents, including dog bites, malicious statements, threats, and wrong or misleading information. The sad part is that it doesn’t matter if it was accidental or not. Umbrella insurance is designed to add extra liability to what you already have in your home and auto policies. Lawsuits can be expensive to cover. There is a high probability that your home insurance or car insurance may not be adequate to cover all expenses, and that’s where umbrella insurance comes in.

It covers everyone in your family, including pets

While an umbrella policy is a type of personal liability policy, it protects your family members too. If you or a member of your family caused an injury or property damage to other people, your umbrella insurance can come in to cover the remaining amount if any of your primary policies are rendered inadequate.

Everyone needs it

Never say never. Everyone is at risk of getting sued or held liable for any accident they or their family members caused. Whether you’re a parent, asset owner, homeowner, or wealthy individual in Grand Rapids, MI, you will greatly benefit from umbrella insurance, especially if you have limited liability coverage in your primary policies.

Don’t wait till you gather your wealth to buy umbrella insurance; you might end up losing it all. Let Dalessandro Agency Inc. help you find a policy that matches your needs. Call us today!

Is Umbrella Insurance for You?

Most people have insurance coverage to protect their home, auto, RV, boat, or other assets in Michigan. However, even with this coverage, you could suffer financial loss due to liability issues that lead to lawsuits. Umbrella insurance from Dalessandro Agency Inc. in Grand Rapids, MI increases your liability protection to safeguard your assets against any eventuality. If you’re wondering if umbrella coverage is for you, consider the following:

What is Umbrella Coverage?

Umbrella insurance is personal liability coverage that exceeds the liability coverage you currently have through your home, auto, RV, or boat policies. Umbrella policies don’t stand alone – they supplement other liability insurance policies. Umbrella coverage starts where your other liability insurance leaves off, covering damages above and beyond the limits of your other policies.

What’s the Purpose of Umbrella Coverage?  

If you have a substantial amount of assets, you could be at risk of a lawsuit due to an accident on your property or the unintentional injury you cause. An unexpected lawsuit could cut into your savings, investment funds, or even your current and future income, causing financial upheaval in your home. With the extra protection that umbrella insurance offers, you don’t have to worry about unfortunate events leading to financial ruin.  

Do You Need Umbrella Coverage?

Your auto, home, RV, or boat insurance policies are limited in the liability protection they have to offer. If the damages of an auto mishap or home accident exceed the limits of these policies, you may find yourself struggling to cover additional costs. Serious accidents can easily lead to lawsuits, putting even more financial pressure on you to cover legal fees and settlement out of pocket. Umbrella insurance can safeguard you and your family from liability issues that threaten your financial future.

To purchase your umbrella policy, contact Dalessandro Agency Inc., serving residents in Grand Rapids, MI.

Reasons Why Umbrella Insurance Is Important

For most of us, protecting our family and our belongings is the number one priority, and the best way to do it is to have insurance. However, sometimes your coverage might not be enough, and you need an extra level of security. That is where umbrella insurance steps in. Umbrella insurance offers additional liability protection above the limits of your other insurance policies. Since it is not a mandatory type of coverage, you might think of skipping it. However, before you decide to do it, Dalessandro Agency Inc., serving Grand Rapids, MI, urges you to check the list of reasons why umbrella insurance is worth getting.

You Entertain Guests At Your Home

If you invite people to your house, getting umbrella insurance is important because anything can happen. Your guest can injure themselves in your swimming pool, be bitten by your dog, or simply trip on a sidewalk leading to the porch of your house. These unfortunate events might result in serious injuries, liability claims, and high medical bills that you will have to pay. If you have an umbrella insurance policy, you have nothing to worry about because it will cover all the expenses. 

You Are Active On Social Media

If you actively use any type of social media and communicate with other people, you should consider getting umbrella insurance that covers slander and libel (written and spoken defamation). For example, if you post a review about the restaurant and complain about their unhygienic kitchen, the restaurant might sue you for libel. 

You Are A Parent

If you have dependent children, umbrella insurance will protect them if they cause an accident. For example, let’s say that your teenager caused an accident by damaging somebody else’s car or property. Umbrella insurance will kick in and cover the damage inflicted by your child.  Another example is when your younger kid is playing outside with a ball and breaks your neighbor’s window by accident. Your umbrella insurance policy will provide additional liability coverage in this case. 

If you are a resident of Kentwood or Grand Rapids, MI and you are searching for a way to protect yourself and your family, Dalessandro Agency Inc. is ready to assist you. Give us a call to learn more about umbrella insurance and find the policy you need.