Do Condo Owners Benefit from Personal Umbrella Insurance?

As a condo owner, you know the value of protecting your property. You may know that the condo association’s insurance usually covers the shared areas of your complex. However, you remain responsible within your property. Having liability insurance as a condo owner is very important. Should someone fall and be hurt on your property, you may be held responsible for it. But, is traditional liability insurance really enough?

What Can Umbrella Insurance Offer?

Umbrella liability insurance provides a higher level of coverage. It steps in to help cover costs after your traditional liability insurance policy exceeds limits. The question you have to ask is whether or not you feel there is a need for this higher level of protection. In many cases, the answer is yes.

When an incident occurs, such as a person falling and getting hurt on your property, your condo insurance can begin to pay for the losses you’ve incurred. Perhaps the individual hurt his or her arm. Your traditional policy is likely enough to cover this. However, if that person fell and hit the corner of the table with their head and this leads to significant brain trauma, then the costs may be much higher. Or, the individual could break a leg and be out of work for months. Your condo insurance may not be enough in this case to cover your risks.

Umbrella Insurance Often Makes Sense

In many situations, you can buy personal umbrella insurance that can provide ample compensation. For example, you may pay between $150 and $300 for about $1 million in coverage, according to the Insurance Information Institute. That amount of coverage could help protect you against many of the risks you could face.

Condo insurance is essential, but in today’s litigious society where people sue easily and win large settlements as a result, it is often necessary to go a step further than this with comprehensive protection. Umbrella insurance can provide you with this type of protection when your traditional liability plan cannot. Every situation is different, but you may find it is well worth the added protection against these risks.

Are your personal interests covered? Call Insurance Associates at 888-423-2488 for more information on Middletown umbrella insurance.