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When it rains, it pours… Especially when it comes to unexpected accidents or claims.
You never know when it might rain. So, just like the name implies, this type of policy acts like an umbrella, protecting a wide range of potential financial dangers and unforeseeable mishaps.
However, what exactly is covered by your umbrella policy depends on how you decide to set it up. In most cases, umbrella insurance protects you from:
Umbrella insurance does not cover:
Yes, your existing insurance may protect you to an extent. An umbrella policy goes much further for less cost than upping the limits on your current policy because it covers different types of risks. Umbrella insurance is also portable, in most cases, so it can follow you when and wherever you travel.
Since the terms of umbrella insurance policies will vary, depending on the insurance companies and your own needs, a qualified insurance agent from our agency is the best person with whom to discuss the benefits, restrictions, and coverage from each carrier we represent.
Keep Your Umbrella Handy
Anyone with a job, who expects to keep the income they earn, could benefit from having an umbrella insurance policy.
What would happen, for example, if someone made a delivery to your house, slipped on a sidewalk recently wet by your sprinkler system, and suffered severe head injuries from the fall. They will sue you, of course.
Your homeowners insurance kicks in and pays up to its maximum limits. But the jury finds that you are responsible for an extra $500,000 over your homeowner’s limits.
Ask yourself: How long would it take you to pay that off with your weekly paycheck?
Umbrella insurance covers the amount in excess of your homeowners coverage, usually up to $10 million, sparing you from a financial nightmare, along with paying the attorney to help you survive it. Higher limits are available.
While most insurance products are similar in price and function, insurance providers vary when it comes to structuring a true umbrella liability policy tailored to you. Contact us today, and we'll help you protect what matters most. It’s Insurance Simplified to get Umbrella Liability insurance quotes when you work with Held Insurance Agency. Our office is located in Mount Prospect, Illinois. Serving all of Illinois and Wisconsin.