Umbrella Insurance in Oregon

Umbrella insurance is a secondary type of insurance that offers coverage beyond your standard policy. If you are looking for insurance in Oregon, visit W.B. Adams Company to find out what we can do for you in Beaverton, OR.

What Is Umbrella Insurance?

Traditional insurance policies cover one area of your assets. Home, car, and recreational vehicles are examples. However, each policy has coverage limits. The unexpected does happen, and you may encounter a liability that exceeds your policy limits. This is where umbrella insurance coverage comes in. It's an added layer of protection that begins where your standard policy ends, and the coverage limits are much higher. Umbrella insurance policies start at $1 million, with the option to purchase higher rates of coverage.

Umbrella insurance may help fill in gaps in coverage as well. Speak to your insurance agent to learn if your umbrella policy can cover things that aren't covered in your standard policy.

What Are the Requirements for Umbrella Insurance

Umbrella insurance requires you to have a primary liability policy and will only cover your liability after you've maxed out the coverage from your primary insurance. They also have minimum coverage amounts for your primary policy for it to qualify. Be sure to ask your agent if your existing policies meet the requirement.

You'll need to provide some information to get an umbrella policy as well. This includes all property and vehicles, including recreational vehicles and watercraft, that you own. You'll also need to provide the insurance information for each asset.

Do You Need Umbrella Insurance?

Umbrella insurance certainly makes sense if you have valuable assets or investments that you stand to lose in the event of a lawsuit, but what if you are just starting out or don't have a sizable income? If you are held liable in court, the judge can take your future earnings as part of the judgment. An umbrella policy can help keep your future financially secure.

If you need umbrella insurance in Oregon, W.B. Adams Company is here to help. Stop by our office in Beaverton, OR, or give us a call to learn more about umbrella insurance and the other policies we offer.