Umbrella Insurance Basics
With all the insurance policies that you invest in, it can be easy to assume that you have enough coverage for any peril. However, all insurance policies have limits on what they will cover, which can lead to you having to dig deep into your pockets to cover damages. Luckily, investing in a personal umbrella insurance policy can help to ensure that you are not financially devastated from one accident.
Personal umbrella insurance policies will provide extra liability protection that goes beyond the liability that is provided by your homeowners and auto insurance policy. The liability coverage that is provided by umbrella policies will only “kick in” once the liability of all your other policies have already been exceeded. As an added bonus, umbrella insurance policies will provide extra coverage that is typically excluded on other policies, including protection against libel, slander, and false arrest.
Personal umbrella insurance policies provide $1 million in coverage, and increase by million dollar increments. While you may think that $1 million is way more coverage than you will ever need, it probably is not. Consider if you have a dinner and invite all of your neighbors over, and one of them trips and falls on their way into your home. If they break their leg, not only can you be held liable for the medical bills associated with the accident, but they also have the option to sue you. The fees for the lawsuit alone can exceed the liability coverage of your homeowners insurance, even without medical bills. If you do not have a personal umbrella policy, you could be left paying for the medical bills and lawsuit costs out of your own pocket.
For all of your umbrella insurance needs and to ensure that you have the right amount of protection for any situation, contact Gee Schussler Insurance Agency in Orland Park, Illinois.
