Understanding Exactly What Umbrella Insurance Does

Like an umbrella shielding you from unexpected downpours, umbrella insurance offers a protective canopy against unforeseen financial storms. Despite its benefits, for many, the specifics of what umbrella insurance covers and how it works remain mysterious. From its coverage limits to the types of incidents it protects against, understanding the intricacies of umbrella insurance can empower you with the knowledge needed to make informed decisions about your insurance coverage.

At The Law Office of Hillel Traub, we provide injured victims with clear, comprehensive guidance on insurance, liability, and their rights. With over 30 years of experience and a deep understanding of Maryland personal injury law, Attorney Hillel Traub has the skills required to give you the personalized legal support you need to ensure you are well-protected and informed after an accident.

What Marylanders Should Know About Umbrella Insurance

In Maryland, umbrella insurance acts as a safety net, providing an extra layer of protection beyond what your standard insurance policies offer. This type of insurance provides an extra layer of liability coverage beyond the limits of your standard policies, such as auto, home, or boat insurance. By extending your protection, umbrella insurance helps safeguard your assets and future earnings from potentially devastating claims and lawsuits.

Examples of situations that umbrella insurance can help with in Maryland include:

• Personal injury claims: If your negligence resulted in bodily injury or emotional distress to someone else, umbrella insurance can help cover the resulting medical expenses, rehabilitation costs, and even legal fees associated with defending against a lawsuit.
• Property damage: Accidents happen, and if you unintentionally damage another person’s property – whether it’s their vehicle, home, or personal belongings – umbrella insurance can help cover the cost of repairs or replacement.
• Serious car accidents: If you are found liable for a major car accident that results in severe injuries or significant property damage, your auto insurance may not cover all the costs. Umbrella insurance cover the excess amount, protecting you from out-of-pocket expenses.
• Home incidents: Accidents at home, like a guest slipping on your icy driveway or a dog bite incident, can lead to expensive medical bills and legal fees. An umbrella insurance policy will cover the additional liabilities that exceed your homeowners’ policy limits.
• Rental properties: If you own rental properties, umbrella insurance can provide additional liability coverage in case a tenant or visitor suffers an injury on your property and decides to sue you.
• Recreational activities: Accidents involving boats, ATVs, or other recreational vehicles can result in significant liability claims. Umbrella insurance offers extended coverage beyond what your primary policies provide.
• Legal defense costs: Regardless of the specific incident, umbrella insurance typically covers legal defense costs in Maryland, including attorney fees, court costs, and settlements or judgments. This helps to protect your financial assets and future earnings in the event of a lawsuit.

Umbrella insurance is not just for the wealthy; even middle-income earners can face substantial financial risks from lawsuits and liability claims in Maryland. The relatively low cost of umbrella insurance compared to the high coverage it provides typically makes it a prudent investment for peace of mind.

Secure Top-Notch Legal Representation from an Experienced Maryland Attorney

At The Law Office of Hillel Traub, we understand the importance of comprehensive protection in the face of life’s uncertainties. Led by Attorney Hillel Traub, with over 30 years of experience and a background as a former attorney for the Maryland Motor Vehicle Administration (MVA), our firm is dedicated to advocating for the rights of individuals who have suffered personal injuries.

Whether you are facing the aftermath of a car accident, slip-and-fall incident, or any other injury-causing event, we are here to provide adept legal guidance and unwavering support every step of the way. Call (410) 580-1100 or fill out our contact form to schedule your free consultation today.