Toedt Insurance Agency LLC offers New York residents a wide array of insurance types, but the secondary policy umbrella insurance might offer the best protection. You can only obtain umbrella coverage if you already own a primary policy that includes liability coverage.
Versatile umbrella insurance increases the liability protection that your home or business enjoys from its primary policy. That’s right! You can purchase umbrella coverage for your Albany, NY home or business.
This lets you add to the coverage of any home policy, whether homeowner’s insurance, renters’ or condo insurance, etc. You can also add an umbrella policy to automotive insurance, boat insurance, or another policy that includes liability coverage.
When you purchase a primary policy, it includes liability coverage. You set the maximum of liability coverage up to the maximum allowed by the policy. If the policy limits liability coverage to $100,000 and a minimum of $10,000, you can choose any range between $10,000 to $100,000 for your primary policy. That’s your primary maximum.
You can add a secondary policy – an umbrella policy – that lets you increase only the liability coverage of the primary policy. If and when an accident occurs in which you become liable, your primary liability coverage pays out first. When the insurance company pays the maximum amount out for the settlement from the primary policy, your umbrella policy picks up the rest of the cost if the settlement goes over that amount.
If you cause an accident that costs $750,000 in damages to physical property and individuals, your primary policy pays its liability maximum. Let’s say your home insurance provides $200,000 of liability coverage.
Without an umbrella policy from Toedt Insurance Agency LLC of New York, you’d pay the other $550,000 out of pocket. The courts would require you to empty your savings, investments, and retirement to pay as much of it as possible. After that, any other amount the court would garnish from your paycheck or annuity payments. With umbrella insurance, the secondary policy kicks in as soon as the primary fully pay out. Nothing comes out of your pocket as long as you’d purchased an umbrella policy valued at least $550,000. Most of these policies come in more significant amounts, such as $500,000 or $1 million. They cost little to purchase, so most people choose the high-value policy.
You can better protect your home and business from liability by choosing an umbrella policy from Toedt Insurance Agency LLC, serving New York state. We’re based in Albany, NY, but we serve the great state of New York with the insurance coverage its residents need to protect their financial stability.
