If you are thinking about moving to Massachusetts or you’ve already chosen to settle here, you’ll want to understand the many ways you can keep your financial risks to a minimum. One of the best ways to ensure against unexpected problems is with the use of umbrella insurance.
What is Umbrella Insurance?
You might have heard friends talking about umbrella insurance and you may have wondered where you can buy such a policy. Umbrella insurance is a very easy way to get an extra layer of protection at a low cost. An umbrella insurance policy can be thought of as an insurance policy that offers the buyer additional security in case something goes wrong.
Accidents and other issues are common and a standard homeowners insurance policy may not cover all possibilities. When damages from an accident or lawsuit exceed the liability limits on your home or auto insurance, umbrella insurance can offer added protection. For instance, if you have boat insurance, umbrella insurance could cover damages in excess of your watercraft policy coverage. If a lawsuit is brought against you for personal injury or property damage covered by the umbrella policy, this coverage could cover legal fees as well.
As an example, if you have an accident on your property and you are sued and a jury rewards someone a million dollars if they are injured while on your property. Your home owners policy with cover part of that, perhaps a quarter or half of it, depending upon what your limits are. However, if you have umbrella insurance in the amount of a million dollars, the umbrella insurance policy covers the difference. You don’t have to dip into your savings to pay the difference out of pocket.
Umbrella Insurance in Massachusetts
If you’re wondering where you can buy umbrella insurance in Massachusetts, what it is likely to cost or even where to begin, rest assured the process of buying this kind of insurance is easier than ever. In general, residents of the Bay State can expect to pay a little extra for a policy of this type and there are many ways to find the ideal umbrella insurance for your needs. Massachusetts residents should be aware there are certain factors that will affect the cost of the policy. There are also certain factors that will affect how much coverage they need as well as what the policy will cover.
An insurer will take into account what you want covered by your umbrella insurance policy. For example, if you have more than one house, you’ll need umbrella insurance that covers your primary residence and your secondary home. The same applies to the number of vehicles you own. If you have more than one car, you’ll need to cover both cars. You’ll might have a boat, trailer or a recreational vehicle and the insurer will need you to indicate this on your application.
Another factor that can influence umbrella insurance coverage is if you have any prior lawsuits. If you’ve been sued in the past, you might face higher costs. The same is true if you or someone in your household has a poor driving record.
Advantages of Umbrella Insurance With MAPFRE
If you’re looking for umbrella insurance in Massachusetts, MAPFRE Insurance can help. Keep in mind that while umbrella insurance isn’t generally expensive, very cheap umbrella insurance may not cover all your needs. Review the details of any policy carefully.
MAPFRE works with local independent insurance agents throughout the Commonwealth of Massachusetts. Find an agent today to help you identify the best kind of umbrella insurance coverage to fit your budget and provide the level of protection you need.