The Importance of Umbrella Insurance for Rental Property Owners

Owning a rental property anywhere, including Katy, TX, can be such an exciting and rewarding experience. You can allow the rental property to gain equity over the years while also having regular rental payments coming in from your renters. When you have a rental property, you should consider protecting your investment with umbrella insurance you obtain through a reputable insurance company, such as All Around Insurance Agency. There are many reasons why umbrella insurance is important for rental property owners. 

Umbrella Insurance Offers Increased Liability Protection

If someone gets injured on your rental property, and you don’t have enough coverage to cover the costs of their medical bills and other losses, you can end up being sued and losing some of your assets. Umbrella insurance helps guarantee that you have adequate coverage. 

Umbrella Insurance Can Help Protect Multiple Properties

If you own multiple rental properties in areas such as Katy, TX, then umbrella insurance can offer you coverage that covers all of them. This lets you know that you won’t need to count on separate policies for each of the separate policies. Not only does this simplify the management of your coverage, but it also allows you to get this coverage while paying one premium. 

Umbrella Insurance Can Give You Peace of Mind

Another important reason for obtaining umbrella insurance from a company such as All Around Insurance Agency for your rental properties is because it will help to give you peace of mind. You will know that you’re covered should the worst happen. If you’re ready to discuss umbrella insurance, you can contact All Around Insurance Agency for more information. They can help you learn more about what the coverage offers and help you get started.

Umbrella Insurance FAQs

There are many options for insurance available. With the countless insurance types and options, you might have questions about what they include. All Around Insurance Agency, serving the residents of Katy, TX, is here to assist. We can answer some of the most frequently asked questions about umbrella insurance.

How does umbrella insurance work?

Before getting umbrella insurance, you need to have auto and home insurance. Umbrella insurance kicks in once the liability runs out on your home or auto insurance. Umbrella insurance is liability coverage that protects you against financial devastation from lawsuits, property damage, bodily injury liability, libel, slander, and defamation.

Is umbrella insurance worth it?

It depends on your assets and your risk factors of getting sued. If you own things that can be a danger to other people in the neighborhood, such as a trampoline or a swimming pool, it would be a good idea to get umbrella insurance. Those increase your risk of a lawsuit due to the danger of other children getting injured. It is also a good idea to have umbrella insurance if you have a large number of assets. Some people are sue-happy and will put a target on someone that has a lot of assets.

Who needs umbrella insurance?

Umbrella insurance is not a good fit for everyone. Some people can do without the need for umbrella insurance. Who needs umbrella insurance? You might benefit from umbrella insurance if you have a high net worth or if you have high-risk factors of liability.

What does umbrella insurance cover?

Umbrella insurance covers things that you are found liable for. This includes bodily injury of another person, property damage, and legal costs.

Contact Us Today

If you are in the market for umbrella insurance, contact us at All Around Insurance Agency in Katy, TX.

How Umbrella Insurance Works

When you already have an auto insurance policy as well as a home policy, an umbrella policy can help you to be better covered. This insurance covers you when you need extra coverage but don’t want to pay high prices for it. It’s a cost-effective way to get the coverage you need to save yourself a lot of money after a serious accident. When you’re interested in getting umbrella insurance, call us at All Around Insurance Agency in Katy, TX.

Umbrella Insurance: A Comprehensive Guide

Low-Cost Liability Coverage

Both home and auto insurance policies come with liability coverage, but it often doesn’t have very much. That means that if a serious accident happens, the liability coverage may not be enough to pay for all of the bills due. The costs of medical bills and lost wages can be extremely high, and when you don’t have enough coverage to pay them, there is an overall that you have to pay. The liability coverage that you get with umbrella insurance is enough to cover those overages so that you don’t have to pay them. And, it costs much less to cover yourself with umbrella insurance than it does to add more liability coverage to your home and auto policies.

How It Works

The first policy to pay after your accident is your home or auto policy. It will pay up until it reaches its maximum. After that, the umbrella policy will come in and pay what is left over. Umbrella policies have very high maximum payouts, so it’s rare for there to be any overage after they have paid. This leaves you far better covered in case of expensive accidents. 

Get More Liability Coverage

When you want to be better protected against accidents, umbrella insurance may be the answer. Call us at All Around Insurance Agency in Katy, TX.

Why Do I Need Umbrella Insurance?

Umbrella insurance policies are add-on policies to enhance your existing liability insurance coverage. These insurance policies provide additional coverage by paying above and beyond what your primary insurance policies pay. Ultimately, an umbrella insurance policy helps protect your assets, future earnings, and financial future. If you live in Katy, TX, the All Around Insurance Agency has agents ready to answer your questions about umbrella insurance and offer suggestions as to why you need it. 

Protect Your Financial Future

An umbrella insurance policy helps protect your financial future by paying for anything your primary insurance policy does not cover due to payout caps. When you are found liable for damage or injuries, your umbrella insurance pays the overage not covered by other insurance policies. The umbrella insurance policy paying for medical expenses and damage costs means your assets are not at risk of seizure, and your income is not at risk of garnishment. Ultimately, an umbrella insurance policy protects everything that could negatively affect your financial future. 

Pay for Legal Fees

When at fault for an accident or when someone gets injured on your property, you risk being sued by another person. Fighting a liable case in court can be expensive, and depending on your financial situation, you may not be able to fight the case in court. Having umbrella insurance helps pay your legal fees associated with the lawsuit. 

An umbrella insurance policy helps protect your savings, assets, and future assets if you are found liable for injury or damage. Do not put your financial future at risk; call an agent at All Around Insurance Agency to discuss your umbrella insurance options and protect your Katy, TX home.