This Geico Topup Insurance is called Umbrella Insurance and it is there for no other reason that to topup on your liability insurance. This is very important as your normal insurance has limits, however in the event of a major disaster this insurance will give you the extra cover you need when you need it the most.
Liability insurance is very important today as there is so many accidents that this will ensure that you are covered. Say your guest comes to visit you and he falls and sues you for $2 millions yet your homeowners policy only covers $500,000 then this would cover the shortfall of your liability insurance.
Say tomorrow your dog runs out by the gate and bites a person in the road. Your insurance only covers $30,000 yet the claim is for $50,000 then this Geico Umbrella Insurance will cover the shortfall of the liability insurance.
This insurance is topup cover for your car insurance, home insurance and even your boat insurance. It also goes much further than any of those policies as it also covers the following situations which you might have:
1. Bodily Injury Liability – covers the cost of damages to another person’s body;
2. Property Damage Liability – covers the cost of damage to another’s property;
3. Owners of Rental Units – helps protect against liability as a landlord;
4. Coverage is also provided should you be sued for:
- slander – injurious spoken statement,
- libel – injurious written statement,
- false arrest, detention, or imprisonment,
- malicious prosecution,
- shock/mental anguish, and
- other personal liability situations.
Speak to your insurance agent about helping you to work out what amount of cover you will need. Normally you take everything you own from your house, cars, business and shares then look at the amount of liability insurance you already have in your home and car insurance and normally you would take the difference. See if your liability insurance more than covers all your assets.