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Oklahoma Umbrella Insurance
Life is unpredictable, and sometimes, the coverage you have just isn’t enough. Umbrella insurance steps in when your primary policies, like auto or homeowners insurance, reach their limits.
Mercury offers affordable umbrella insurance in Oklahoma that covers a wide range of scenarios, giving you peace of mind knowing that your finances and assets are protected.
What Does Umbrella Insurance Cover in Oklahoma?
Umbrella insurance gives you extra protection when you exceed the limits of your regular policies, like homeowners or auto insurance. It’s that added safety net that ensures you’re not left financially vulnerable when the unexpected happens. Here’s what umbrella insurance typically covers in Oklahoma:
- Bodily injury claims: If someone gets hurt on your property or in an accident involving your car, and the medical bills exceed what your primary insurance covers, umbrella insurance can help cover the extra costs.
- Property damage claims: Whether it's damage to someone else’s property in a car accident or an incident at your home, umbrella insurance helps cover those costs that go beyond your standard policy limits.
- Legal defense costs: Legal battles can get expensive fast. If you’re sued, umbrella insurance helps cover your legal defense fees, so you don’t have to dip into your savings.
- Lawsuits for defamation, libel, or slander: In today’s world, lawsuits can come from unexpected places, including being accused of damaging someone’s reputation. Umbrella insurance covers the costs associated with these types of lawsuits.
What Does Umbrella Insurance Not Cover?
There are a few things umbrella insurance generally doesn’t cover, including:
- Your own injuries or property damage: Umbrella insurance is there to protect you from liability claims, but it doesn’t cover damage to your own belongings or if you get hurt yourself.
- Intentional damage or harm: If you intentionally cause damage or harm to someone else or their property, umbrella insurance won’t cover the resulting costs.
- Business-related claims: Running a business? You’ll need separate coverage for anything business-related, as umbrella insurance is for personal liability.
- Contractual obligations: If you’re responsible for something due to a contract you’ve signed, umbrella insurance won’t cover those obligations.
Who Should Consider Umbrella Insurance in Oklahoma?
You might be wondering if umbrella insurance is necessary for you. In many cases, it’s worth considering if you fall into one or more of these groups:
- Frequent drivers: Your chances of being involved in an accident increase if you’re on the road a lot. Umbrella insurance can help pay the costs of an accident if it goes beyond what your auto insurance covers.
- Landlords: If you own rental properties, you can get hit with potential lawsuits from tenants or their visitors. Umbrella insurance adds an extra layer of protection in case someone gets injured on your property or you face any legal issues.
- People with substantial assets: If you’ve built up savings, own valuable property, or have other assets, umbrella insurance can protect you from losing them due to an unexpected liability claim. It ensures your wealth is shielded from large lawsuits or settlements.
- Frequent event hosts: If you love having friends and family over at your home, hosting parties or gatherings can come with some risks. Whether it’s someone slipping by the pool or an accidental injury at your BBQ, umbrella insurance can cover those extra costs that your homeowners insurance may not handle.
- People with risky items: If you own things like boats, jet skis, a pool, or a trampoline, you’re exposed to a higher risk of accidents. Umbrella insurance helps protect you if someone gets hurt while using these items.
How to Get Umbrella Insurance in Oklahoma
Getting umbrella insurance in Oklahoma is easy with Mercury. Simply reach out to one of our local Oklahoma agents here to get started with a quote. They’ll help you determine the right amount of coverage and guide you through the process. You can also call us at (855) 833-0698 or start a quote online.
How Umbrella Insurance Works with Existing Policies
Umbrella insurance acts as a safety net that works alongside your current auto, homeowners, or renters insurance policies. Think of it as extra protection that kicks in when your regular policy hits its limit. For example, if you’re involved in a serious car accident where the total damages and medical bills reach $600,000, but your auto insurance only covers up to $300,000, umbrella insurance would step in to cover the remaining $300,000.
What Is the Cost of Umbrella Insurance in Oklahoma?
According to Forbes, the average cost of umbrella insurance is $383 a year for $1 million in coverage. For the amount of coverage it provides, umbrella insurance is relatively inexpensive, especially when compared to the potential financial risks of not having enough protection. The exact cost varies based on your specific circumstances, but Mercury can help you find a policy that fits your budget and needs.
How Much Umbrella Insurance Do You Need in Oklahoma?
Figuring out how much umbrella insurance you need comes down to your personal situation. A simple way to think about it is to make sure you have enough coverage to protect everything you own. Mercury offers policies starting at $1 million, but you can add more if you need it. Take a look at your savings, your home’s value, and any other assets you want to protect when deciding how much coverage is right for you.
Contact an Oklahoma insurance agent today to help you determine the right coverage for your needs.
Oklahoma Umbrella Insurance FAQs
What is the minimum coverage required for umbrella insurance in Oklahoma?
There’s no legal minimum requirement for umbrella insurance in Oklahoma. However, most policies start at $1 million in coverage.
Does umbrella insurance cover rental properties in Oklahoma?
Yes, umbrella insurance can extend to rental properties, providing coverage for liability claims that exceed your standard landlord insurance.
How does umbrella insurance interact with flood or storm damage?
Umbrella insurance typically doesn’t cover flood or storm damage. For those types of risks, you’ll need to rely on your flood or homeowners insurance policies.
Is an umbrella policy worth it?
If you have substantial assets or just want peace of mind, an umbrella policy is worth considering. It provides extra protection in case of large claims or lawsuits that go beyond your standard insurance coverage.
Mercury Insurance Coverage in Oklahoma
Along with umbrella insurance, Mercury offers several other policies to protect you and your assets in Oklahoma, including: