Backyard trampolines are a fun addition to any Oklahoma home but can also be dangerous. According to the U.S. Consumer Product Safety Commission, there were over 100,000 trampoline-related injuries in 2014. When you add one to your property, it’s essential to consider your liability if an injury happens.
What is Umbrella Insurance?
Umbrella insurance is a type of personal liability insurance that can help protect you from expensive lawsuits. It provides coverage above and beyond the limits of your homeowner’s or auto insurance. So, if you’re sued for damages that exceed your regular policy limits, umbrella insurance can help cover the costs.
Insurance Source Solutions can help you find the right umbrella insurance policy for your needs and budget.
Should You Have Umbrella Insurance With a Trampoline?
If you have a trampoline on your property, it’s a good idea to have umbrella insurance in place. This type of coverage can help protect you from expensive lawsuits if an injury occurs while using the trampoline.
Even if you take precautions to make your trampoline safe, accidents can still happen. And if there’s a serious injury, the costs of a lawsuit could easily exceed the limits of your regular insurance policy. Umbrella insurance can help provide the extra protection you need.
When shopping for umbrella insurance, be sure to ask about coverage for trampoline-related injuries. Some policies may exclude this type of coverage, so it’s important to know what you’re buying.
Give Us A Call
The bottom line is that umbrella insurance can help give you peace of mind if you have a trampoline on your property. It can provide extra protection in the event of a lawsuit, and it’s important to be aware of the coverage options available to you.
Insurance Source Solutions can help you find the right umbrella insurance policy for your needs and budget in Oklahoma. Call us today to learn more.
Umbrella insurance is a unique coverage type that works with other policies that you have. If you want to know more about umbrella insurance, call us today at Insurance Source Solutions in Oklahoma.
Liability for Your Home Insurance
When you have a home insurance policy, it will contain several different types of coverage. Among these is your liability coverage. This protects you financially if someone were to have an accident in your home. After an accident, your home insurance will assess liability and pay the medical bills for accidents that you are liable for. However, because the liability coverage with home insurance is generally so low, it may not pay out enough to cover the medical bills. If you have umbrella insurance, however, this will come in after the home insurance policy and pay the rest of the money owed. This can protect you from being sued for the overage and having to come up with it by yourself.
Liability for Your Auto Insurance
When there is an accident with your vehicle, umbrella insurance works in the same way that it does when the accident happens in your house. First, your auto insurance will pay as much as it can toward the medical and property damage bills that you owe. But because this amount is often low, you would need umbrella insurance to come in and pay the rest after your auto insurance maxes out. Umbrella insurance is good protection against lawsuits, especially since medical bills are rising so quickly.
Get More Liability Coverage
If you need more liability coverage, and many people do, getting an umbrella insurance policy is a smart way to get it. When you have an umbrella policy, you are far better protected against accidents and the huge bills they can cause. Give us a call at Insurance Source Solutions in Oklahoma.
Sometimes, what you get with an insurance policy just doesn’t cut it. When this happens, you need to request an additional amount on top of this to protect your assets. That’s where umbrella insurance comes into play. It may never have occurred to you that you could get such a policy. An agent at Insurance Source Solutions of Oklahoma can assist you by discussing your needs and setting this up.
What an Umbrella Policy Should Offer
With an umbrella liability policy, you want something that offers broader coverage. This can be applied to your home, auto, or business insurance, among other types. This ensures that you’ll have liability protection over the amount of your basic liability policy in case you have a bodily injury or property damages claim that exceeds your limit. The umbrella policy will kick in at that point to cover the rest.
Your umbrella policy’s coverage trigger should be the same as the underlying policy’s coverage trigger. For instance, if it’s claims-made for the basic policy, it should match the umbrella policy.
It’s ideal to have a policy that states it will "pay on behalf" rather than reimburse you at a later time. This way, the amount will be paid upfront, so you don’t have to hold up your company’s or personal funds.
It’s in your best interest to avoid an umbrella policy that has a self-insured retention clause since this would require you to pay out-of-pocket for each claim that’s covered by your umbrella policy that wouldn’t be covered by your primary insurance.
Here at Insurance Source Solutions, we pride ourselves on helping our Oklahoma customers make the right choices regarding their insurance needs. Contact us today to get started.