Umbrella Insurance Ontario

Even if you think you’re adequately prepared to face them, risks and liabilities will always be lurking around the corner. Unfortunately, your standard insurance coverage won’t always be enough—that’s where an umbrella insurance policy comes in.

This is a type of liability insurance that offers an additional layer of protection that goes above and beyond the limits of your existing insurance policies, such as auto, homeowners, or renters insurance. It provides extra coverage in case you’re found liable for damages in a legal claim or a claim made against you exceeds the limits of your primary insurance coverage. 

Stay dry when it storms by getting umbrella insurance coverage! 

What Is Umbrella Insurance? 

Almost all property, personal, and auto insurance policies will come with a range of exclusions, special cases, and maximum coverage amounts. This means that if you encounter any of these exclusions from your policy—or your liability is determined to be greater than the maximum payable amount—you could find yourself in debt.  

A personal umbrella policy provides liability coverage and helps safeguard your assets and finances. It helps pay for costs after you’ve paid the first deductible on your primary insurance policy by covering any excess. This means you’re covered beyond the limits of your existing policies and still financially protected from non-covered claims.

How an Umbrella Insurance Policy Works 

Umbrella policies works by protecting your assets. It becomes activated once the limits of your primary insurance coverage—such as a property insurance policy or auto insurance policy—have been reached. 

For instance, if you were involved in a car accident and your liability was determined to be $500,000 but your auto insurance policy only covered up to a maximum of $300,000, your umbrella insurance would kick in to cover the remaining $200,000.

Similarly, your property and personal insurance policies might not cover you at all in certain situations, such as your dog attacking someone. Having umbrella insurance helps you avoid paying hundreds of thousands of dollars in liability payments.

This policy protects your family, too. Your spouse, children, and other members of your household are all typically covered by umbrella policies.

Why Is Umbrella Insurance So Important? 

Umbrella insurance is a crucial part of any insurance coverage because it provides a safety net against unforeseeable situations that fall outside the realms of standard policies. 

It guarantees you will be able to survive rare but possible situations where you could be liable for hundreds of thousands or even millions of dollars. Umbrella policies also tends to be cheaper than most expect, putting it well within reach for many customers.

What Does Umbrella Insurance Cover? 

Umbrella insurance provides financial protection to both individuals and businesses for a wide range of scenarios and liability thresholds. These can include:

• Bodily Injury Liability: In case you are held for third-party injuries, your umbrella insurance can help you pay for their medical fees. Think guests getting hurt while visiting your property, your dog attacking someone while you’re out for a walk, or you being involved in a car accident where someone gets injured.
• Property Damage: Your umbrella insurance covers financial liabilities arising from damages to another person’s property where you are at fault. 
• Landlord Liability: Your umbrella insurance can cover your rental property in certain scenarios beyond typical landlord insurance. These may include someone getting hurt on your rental property and or you getting sued. 
• Other Legal Scenarios: Many personal insurance policies won’t provide comprehensive liability coverage and legal issues. However, your umbrella policies can protect you should you be sued for libel, slander, false arrest, malicious prosecution, or shock and mental anguish.

The extent of your umbrella insurance will depend on what you require. Certain factors will be taken into account as well, such as your business’s size and location, number of employees, revenue, as well as any existing policies.

Who Needs Umbrella Insurance? 

The biggest misconception about umbrella insurance is that it’s only for those with extensive assets, such as boats, multiple homes, or luxury cars. 

However, anyone who owns any asset can still take advantage of the extra coverage provided by their personal umbrella policies, as they are designed to help them avoid financial stress. This means that umbrella insurance can benefit anyone: landlords, homeowners, renters, business owners, and everyone in between.

So, should you be found liable for a large settlement, don’t worry! Umbrella insurance will protect your assets and reduce your chances of potential bankruptcy.

Why Go With KASE Insurance? 

Sometimes, your primary policies aren’t enough to cover all your bases. 

KASE Insurance, the leading commercial insurance broker in the GTA, provides umbrella policies to those who know their base insurance policies can’t provide full financial protection. We’re committed to our client’s satisfaction and peace of mind.

We work with a variety of individuals and businesses to provide them with personalized insurance solutions. More than that, our team of experts ensures that their top priority is to find our clients the right insurance policy for them at rates they love.

Contact us today for a comprehensive umbrella insurance policy in Toronto!