Knowing What Your Umbrella Insurance Covers in Colorado

Colorado-Umbrella-Insurance

While Colorado homeowners insurance protects your home from damages that are caused by weather, or if there’s a fire, but there’s another type of coverage you should consider looking into. In the event that someone slips in your home and injured themselves, you’re looking at a potential lawsuit and if you don’t have the proper coverage – well, then you’re going to be paying a pretty penny.

So, what are you supposed to do to if you want that type of coverage? You want to look into a little something we like to call Umbrella Insurance. This type of insurance is designed to cover the things your homeowners insurance plan does not. What if you’re not sure whether or not your need umbrella insurance? Let’s take a look at what’s typically covered by this policy.

Do You Need Colorado Umbrella Insurance?

What many Colorado residents don’t know about homeowner liabilities is that they extend beyond the lines of your property. If you get into a car accident, if you get sued for generally anything, umbrella insurance can help you in these hypothetical situations. Umbrella insurance can typically cover:

  • If you run into an occurrence off your property where you are personally liable.
  • If property damage or personal injury is caused by a member of your family, a hazard on your property (i.e. swimming pool or trampoline), or you personally.
  • It provides double protection for your vehicles, on top of your pre-existing auto insurance policy.
  • Protection against a false arrest or wrongful eviction.
  • Any fees that begin to tally up for lawyer services in the event you need to defend yourself in the court of law.

Umbrella Coverage in Colorado

Now, there’s a chance that your auto and homeowners insurance policies are extended to cover some of these potential instances. You want to make sure you check with your current Colorado insurance provider, and they may be able to offer you a multi-policy discount. With an umbrella policy covering $1 million for $300 a month (usually), you can be issued your new insurance in a matter of hours. However, it’s important to note that if you have a long history of auto and home insurance claims, there’s always the chance you won’t be approved for the umbrella coverage.