Life Events That May Mean You Need Umbrella Insurance

Umbrella insurance provides additional liability coverage beyond your other policies. It’s designed to protect you from the financially crippling consequences of a large court judgment that could potentially drain your bank accounts, retirement funds, college savings, and investment assets. It might even force you to sell your real estate investments.

At Spring Grove Insurance, we advise our customers in Spring Grove, IL, and throughout the state to consider getting umbrella insurance to safeguard their assets following these life events.

  • If you’ve installed a swimming pool, a shooting range, or a basketball court on your property. Accidents involving invited guests can sometimes result in hefty expenses.
  • If you’ve expanded your social life to include more parties or large gatherings. The more guests you host, the chances of accidents like slips, falls, and injuries increase. Additionally, if intoxicated guests cause injuries, the affected parties might seek compensation from you.
  • If your teenagers have recently acquired their driving licenses. You are responsible for any damages they cause.
  • If you’ve acquired an exotic pet, particularly one that requires specific licensing from the State of Illinois.
  • If you’ve recently inherited money, cashed out a retirement account, or sold a valuable property.

Generally, if you are a high-net-worth individual—that is, if you possess liquid or easily liquidated assets of $1 million or more—you need umbrella coverage.

An umbrella policy expands your liability coverage from a few hundred thousand dollars or less on each of your policies to $1 million or more per covered event.

Umbrella policies are not geographically limited. They can cover incidents involving your vehicles or property anywhere in the United States or even worldwide.

Your agent at Spring Grove Insurance can help ensure you have the exact coverage you need. Reach out to us today to review your insurance coverage!