Special Policies
Course Section
Umbrella Liability Insurance
Even if you have insurance that covers your home, auto, and other property, you
may still want or need an umbrella policy. This policy works the way it's
named; it spans over all your other property-related policies, providing excess
coverage once coverage under one of those policies runs out. Because it's
possible to suffer huge financial losses in liability lawsuits and other
related situations, more and more people are taking advantage of umbrella
policies.
Umbrella policies offer two valuable benefits:
- They tend to cover a wider range of insurable situations (called "perils") than primary insurance policies, and
- They provide additional coverage once your primary policy's coverage runs out.
The more property and money you have to protect, the more likely that an umbrella policy is right for you. In any case, however, it's wise to speak to an insurance specialist to see whether umbrella insurance is right for you.
Floater Policies
Floater policies cover personal property even if it's moved from its main
location. So if you own something particularly valuable that you take with you
on occasion, you might consider a floater policy. There are two types:
scheduled policies name the actual items; unscheduled policies cover certain
types of items, or possibly all your moveable items.
