Real estate insurance programs have limits built around the financial capabilities of the insurer and the average need of the clients they target in any given program. As a result, it is not uncommon for corporations and investors to need additional policy coverage in at least one area. If that happens, your choices are extended coverage or umbrella coverage. Real estate umbrella insurance programs are often the better choice between the two because they provide wider protection.
Differences Between Umbrella and Extended Policies
When you buy extended insurance for a key coverage area like your liability insurance, you get additional coverage under the terms of the original policy. The extension kicks in when the first policy hits its maximum and provides for additional payments of damages. Umbrella policies, on the other hand, provide a larger coverage maximum that kicks in whenever any of your real estate insurance options hit their maximum. That coverage is good until the umbrella policy has paid out its maximum across all the areas of insurance under its purview.
Shopping for an Umbrella Policy
The best way to shop for real estate umbrella insurance programs? Find yourself an experienced and established provider whose coverage goes as high as you need. Umbrella policies for over $100 million are available for large office buildings and other pieces of real estate with risks above and beyond the limits of most individual real estate insurance policies. All you need to do is find a provider whose program anticipates the needs of owners like you.