At Glass Insurance Center, we offer more than insurance; we offer advice and risk management support for your life. We know that your needs may not be as cut-and-dry as others – especially if you have a lot of assets or income to protect. One lawsuit could wipe out years of savings and severely threaten your financial future. When your personal liability exceeds the limits on your primary insurance policies, umbrella insurance can save the day. Put simply, umbrella insurance is supplemental liability protection that acts as a ‘spare’ when your standard insurance goes flat. It acts as a shield, protecting you from several different types of claims and lawsuits all at once.
Scenarios when Umbrella Insurance Would be Helpful
Sometimes it helps to have an example. The following three scenarios illustrate instances when umbrella insurance might be helpful:
Scenario 1: You host a charitable fundraiser on the deck of your Lake Geneva home. A guest has too much to drink and falls down the steps and onto a ground post below. After suffering a broken arm, fractured ribs and a punctured lung, you are served with a lawsuit for the damages. If your judgments and legal bills exceed the limits on your homeowners insurance, your umbrella policy can help pick up the slack.
Scenario 2: You are driving home on Interstate 43 after a visit to Milwaukee. It is late, and you don’t see the vehicle braking in front of you. You swerve to miss, but clip the vehicle’s bumper, sending you spinning into the side of two other vehicles before coming to a rest on the side of the road. Everyone walks away with minor bumps and bruises, but the property damage liability limits on your insurance policy may not be enough to pay for repairs to all of the vehicles you hit.
Serious Coverage when Life Gets Complicated
Umbrella insurance can help cover liability claims once the limits on other types of policies are exhausted. It offers extra protection for:
- Auto Accidents
- Boating Accidents
- Accidents During Travel
- Rental Properties
- Libel & Slander
- Shock and Mental Anguish
- And More!
Umbrella insurance policies typically include a minimum of $1 million in liability protection, with additional liability available in increments up to $5 million or more. It may seem like a lot, but judgments and legal fees can add up quickly. If you do not have enough liability protection to cover the costs, you may have to dip into savings, sell your home, or even liquidate your retirement or college savings accounts. If that is not enough, a judge may order garnishment of your future wages until the debt is paid in full.
Umbrella Insurance in Lake Geneva
Umbrella insurance can cover you above and beyond the coverage listed on your homeowners, auto, and boat insurance policies. It can also provide peace of mind and protection for liabilities not listed on other types of coverage. For more information about umbrella insurance or to request your free risk management consultation, contact our office today. We look forward to serving you soon.