Umbrella/Excess Insurance in Rhode Island
When dealing with umbrella/excess insurance within Rhode Island, you are likely to wonder; what items does this policy cover? Who does it cover? Kingston Insurance Agency LLC breaks down what umbrella/excess insurance is all about, helping you cut down any hassles when getting your cover, but are not limited to:
Understanding Umbrella/Excess Insurance
Umbrella/Excess insurance is a cover designed to protect you when existing covers such as auto, boat, and homeowner’s insurance are exhausted. Besides covering the policyholder, umbrella/excess insurance also covers other family members provided they are included in the coverage terms.
What Does Umbrella/Excess Insurance Cover?
Property Damage Liability
Umbrella/Excess insurance covers the costs of property damage to other parties during incidents such as accidents. Examples of property covered include vehicles and personal assets destroyed when your guests visit your Rhode Island premises.
Bodily Injury Liability
When your underlying cover can no longer cater to the costs of bodily harm to another person, umbrella/excess insurance will help you cover such expenses. These include hospital examination costs and treatment expenses.
Claims Excluded by Other Policies
Numerous policies such as auto and homeowner’s coverage will often exclude some general claims, examples of which include:
- Slander when you make injurious statements against other parties
- Libel arising from falsified written statements
- Rental unit liabilities
- Malicious prosecution
- False arrest, imprisonment, and detention
What Does It Not Cover?
While umbrella/excess insurance protects numerous liability incidences, it does have its limits. These include:
- Property damage to your personal possessions
- An injury that you get during an accident
- Any liability you assume under a contract
- Any intentional acts of bodily harm or property damage to other parties
- An excess or umbrella/excess may protect you from these situations
Factors that may increase your chance of an Umbrella or Excess loss
Some people will generally need umbrella/excess insurance more than others, depending on activities that they engage in and the assets they own. Some common risk factors to keep in mind include:
These are some examples of those factors
- If you own and rent out a property
- If you host parties at your residence
- If you own pets
- If you have a vehicle
Whether you need umbrella/excess insurance to protect your dependents or a cover to keep your financial assets intact, Kingston Insurance Agency LLC are the partners you need. Contact our South Kingstown RI agents to help you customize an umbrella/excess cover suited to your needs.
