How much umbrella insurance should property owners buy?

Homeowners, asset owners, and property owners require an extra layer of liability which often comes in the form of umbrella insurance. The policy helps cover lawsuits from tenants, clients, and other business people involved in your business. Being a landlord in Stamford, CT requires you to have adequate protection for your rental properties to avoid losing your investments. Allkane Insurance recommends buying commercial umbrella insurance on top of your general liability insurance as a backup. If you’re not sure how much umbrella insurance to buy. Read on to find out!

The number and size of your property

As a landlord, you probably have a vast amount of assets to protect. The higher your net worth, the costlier the lawsuit. A small slip or trip in your rental property can easily cause you to lose the entire property and sometimes other properties. We recommend calculating the value of each property and buying umbrella insurance that is equivalent to that value. Umbrella insurance is not costly as it cannot be used independently but offers a lot of cushion in case of an incident that could lead to a lawsuit.

The amount of liability in other insurance policies

For umbrella insurance to work, you must have other policies with liability coverage. When these policies are used and depleted, umbrella insurance can kick in and offset the remaining amount.  For instance, if you are sued for broken lighting on your rental property that led to several injuries, your general liability insurance will be used to pay the legal fees. If not enough, umbrella insurance will come in and pay the rest. If you don’t have enough liability in other policies, you may want to increase your umbrella insurance for additional protection. Assess how much you need and make sure your umbrella insurance reflects that amount.

Need umbrella insurance to protect your Stamford, CT properties? Allkane Insurance can help you find a policy to take care of all your liability needs. Call us today!

Exploring The Benefits Of Umbrella Insurance

Allkane Insurance assists the Stamford, CT community by offering residents insurance coverage. Our primary goal is to help our clients find coverage that will protect them in every area of their lives. We strive to provide our clients with excellent customer service while assisting them in navigating the often challenging process of finding the right insurance coverage for their needs.

Umbrella Insurance

Life is often unpredictable. However, during these times, there are ways that you can prepare yourself so that you will not be entirely caught off guard. Umbrella insurance provides a layer of security so that you will not have to worry during a difficult time. Umbrella insurance ensures that you have another asset besides your other insurance policies.

If you face a situation in which you may be held liable, you can breathe a little easier knowing that you are protected. Umbrella insurance assists you if you may be held responsible for causing property damage or if someone is seriously injured while visiting your property. Umbrella insurance can help you protect your personal assets.

If there is a situation where someone is pursuing legal action against you, your umbrella insurance policy will help cover you. If you have teenage children who are learning how to drive, umbrella insurance will cover you if they are involved in an accident. If you have a pet, umbrella insurance is also an important asset to have. You will be protected if your pet accidentally bites someone. If you are active in the Stamford, CT community by doing a lot of volunteer work, umbrella insurance is also a potential asset that you should consider.

Consult With Allkane Insurance

For more information on umbrella insurance, contact our office today!