Umbrella Insurance in North Dakota

At Kramer Agency of North Dakota, we are dedicated to our clients. If you have questions about umbrella insurance, here is what you need to know.

What is umbrella insurance?

It's extra liability coverage that protects you when your conventional liability coverages are exhausted. For instance, assume you have home insurance with liability coverage of $50,000. Suppose you host a party, and an intoxicated guest falls off the balcony and injures their spine. Regardless of the accident being unintentional, you could be liable for the medical costs.

While your home insurance may pay for $50,000 of the arising liability costs, it can only stretch so far. Any amounts exceeding your home insurance liability limit will have to come from your pocket. Fortunately, umbrella insurance takes over from where your home insurance leaves off.

What does umbrella insurance cover?

Umbrella insurance is a liability insurance plan, meaning that it covers third parties but not you. Besides, umbrella insurance doesn't exist on its own. It rides on existing coverages like home, auto, boat, or business insurance. But what does umbrella insurance cover? It protects you when you are responsible for:

  • Bodily injury to others
  • Property damage to third parties
  • Personal liabilities, including libel, false arrest, malicious prosecution, and slander

Furthermore, umbrella insurance covers legal costs, including attorney fees and settlement claims.

Who needs umbrella insurance?

There is a common myth that umbrella insurance is for the rich. However, according to Kramer Agency, this notion isn't true. Umbrella insurance is for everyone earning a livelihood that is worried about extended liability.

Since everyone is at risk of legal suits, umbrella insurance is a must-have investment to safeguard you against expensive lawsuits that may put your hard-earned assets at stake.

Buy umbrella insurance today!

Since we live in a litigious society, the best line of defense is umbrella insurance. If you are in North Dakota, don't hesitate to get in touch with Kramer Agency in Bismarck, ND for an umbrella insurance quote.