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Get DirectionsWhen it comes to insurance, there are two types of coverage that can be confusing: excess liability and umbrella insurance. They both offer extra protection, but they work differently. Let’s break down the key differences between them to help you understand which one might be right for you.
- Excess Liability Insurance
Excess liability insurance is like a backup plan for your existing insurance. It kicks in only after your regular policy’s limits are used up. It’s meant to give you extra coverage for specific situations, such as accidents or injuries. However, it doesn’t provide new types of coverage on its own and must be connected to your primary policy.
- Umbrella Insurance
Umbrella insurance is more comprehensive. It not only supplements your regular policies but also offers extra coverage for a wide range of risks. It can protect you from various liabilities like personal injuries, lawsuits, and accidents. It can be bought as a standalone policy, separate from your primary coverage.
Which One to Choose?
If you just want to boost your coverage for certain risks, excess liability insurance could be enough. But if you need broader protection across different areas, especially if you have a lot to protect, umbrella insurance might be the better choice.
Excess liability and umbrella coverage both provide extra protection, but they work differently. Excess liability extends your existing coverage, while umbrella insurance offers comprehensive protection across various policies. To decide which one is best for you, consider your risks and assets, and talk to your insurance agent, like LG Insurance Group, to make an informed choice. Having the right coverage ensures you’re prepared for unexpected events and gives you peace of mind.
