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What is umbrella insurance? Umbrella insurance is basically extra liability coverage. Instead of protecting you from rain, like the name suggests, umbrella insurance is meant to cover any limitations you may have with your existing insurance coverage.

If you’re involved in a lawsuit where the judgement is more than what your auto or homeowners insurance policy covers, the difference would normally have to come out of your pocket. If you have an umbrella policy, though, it will cover the difference and protect your assets.

What does umbrella insurance cover? Like many insurance policies, the details depend on what you sign up for. The are some surprisingly broad situations that umbrella insurance can cover for you. They include:

• Property damage liability – This covers any loss or damage to someone else’s property due to your vehicle, pet, or yourself.
• Slander/libel – If you make an injurious statement that causes someone a loss, your umbrella policy might provide some protection.
• Bodily injury liability – This covers any medical bills another person suffers due to an accident where you’re at fault.
• Legal fees and defense – This coverage almost makes umbrella insurance worth the cost itself. Attorneys can be expensive, and if you’re getting sued, having your legal costs covered can give you some peace of mind.

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Ohio Home Insurance Coverage Homeowners insurance coverage can vary significantly among insurance companies.   It’s critical to understand the different coverages available to protect your most valuable asset.  Two of the most important  items to keep in mind when considering Ohio home insurance coverage  are:  1) how is my property going to be valued should you have a loss, and 2) will what happens to my home be covered? 

Most policies Ohioans buy for their homes include replacement of the house.  Known as “replacement cost”, it will pay to rebuild your home without deducting for depreciation.   You can also opt to have replacement cost coverage on your personal property or contents.  It will pay “new for old” so if your 12 year old furniture is destroyed, the insurance company will buy you new furniture.  Although this is more expensive than insuring property to its ‘actual cash value’, make sure you know which valuation you are being quoted when comparing insurance companies.  

Another homeowner coverage feature to be aware of is whether you are being quoted “named perils” or “special” perils, also known as “all risk”.  Perils are the things that can happen to damage your home or personal property, such as fire, wind, hail, theft, broken pipes, etc.  Special perils include anything that can happen to cause a claim, except those that are specifically excluded in the policy.  With named perils, the perils are listed in the policy that trigger a covered claim.  If it is not listed, then coverage does not apply.  Named perils include fire, windstorm, hail and theft, among others.  Many large insurers will quote special perils on your home and named perils on your personal property.  This is less expensive for you, because there could be a claim to your contents that isn’t covered.

After a natural disaster, too many people discover an awful truth: They don't have enough insurance to rebuild their homes.
Nationwide, 68% of homeowners are underinsured, according to a survey by insurance-services firm MSB, by an average of 18%.
That means someone whose house cost $200,000 to replace would find themselves short by $36,000!
Call us at 440-888-7854 to make sure you don't fall into this category.

Here are two crazy stories:

• A driver claimed they were leaving for work one morning and drove into a school bus parked at the end of their drive. A claim was filed against the bus driver, since the bus was five minutes earlier than they had expected and therefore obviously at fault. (as told by English comedian Jasper Carrott)

• A woman meeting her husband, a Navy crewman who was coming into port that day, parked at the end of the slip where the submarine was due in to berth. There was an inexperienced ensign at the helm who overshot his landing and hit the end of the slip, breaking a section away and sending the car plunging into the water. Needless to say, those damages were on Uncle Sam! (as told at www.businessballs.com)

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