When you are already paying for a home, auto, and other insurance policies, it may seem overkill to purchase an umbrella policy. However, having additional coverage can be a blessing in disguise when disaster strikes. In short, umbrella insurance kicks into gear when your liability coverage is exhausted. Generally speaking, an umbrella insurance policy covers the same things, such as your home and auto insurance policy, including vehicle accidents, liability incidents, and storm damage, with a few extra additions like for lawsuits that may arise due to libel, slander, or defamation of character.
For example, let’s say your teenage son is involved in an accident that results in bodily and property damage to a third body. Just those bills alone can quickly balloon into the hundreds of thousands of dollars. In a situation like this, if your auto insurance policy has a limit of $100,000 for bodily injury, then it will pay for any damages up to that amount, but anything over it is your responsibility. Being on the hook for such a large sum of money can be financially devastating. Thankfully, with an umbrella insurance policy, you can purchase additional liability coverage to protect your family and assets in a similar situation.
When it comes time to choose an umbrella insurance policy, look no further than Spring Grove Insurance. Conveniently located in Spring Grove, IL, our team of professional insurance experts takes the time to learn about each of our customers to make personalized recommendations and customize an umbrella insurance policy that best meets your needs. Give us a call to schedule a no-obligation consultation with a member of our talented team.