The threat of getting sued in America is real. According to reliable statistics, an estimated 20 million civil cases are filed in the US annually. Tort cases such as slip and fall, injury resulting from negligence, and wrongful death suits make up 11% of these civil cases. Many people in Spring Grove, IL and beyond get umbrella insurance hoping that it will cover them if they get sued. So, does it?
Umbrella Insurance Covers You in Lawsuits
One of the primary objectives of umbrella insurance is to provide coverage to the policyholder against lawsuits. The coverage will pay for your legal fees, court fees, and settlement. This means that you won’t have to spend any money from your pocket to pay your attorney. Additionally, if the court orders you to pay a settlement to the complainant for injury or property damage, you won’t have to use your money; your umbrella coverage will pay it. This is why at Spring Grove Insurance, we always advise our customers to get umbrella insurance.
What Else Does Umbrella Insurance Cover?
- Liability that exceeds your regular insurance coverage policy limits: Umbrella insurance will cover liability that exceeds the policy limits of your homeowners, renters, auto, and boat insurance. For instance, if you have a homeowners policy with a $300,000 maximum payout limit and one day you host a party in your home, and one of the visitors drowns, you might have a wrongful death liability of 1 million dollars. Your homeowner’s policy will only pay $300,000, but your umbrella insurance will save by paying the $700,000 balance.
- Liability outside of your regular coverage: If you have a renters or homeowners policy, it will cover injuries caused by your pet in your home. However, you are covered by these policies if your pet injures someone when you are walking it on the road. Umbrella insurance will cover this liability.
Give Us A Call
Do you want umbrella insurance in Spring Grove, IL? Call Spring Grove Insurance today.
Spring Grove Insurance provides coverage to the local community. Accidents can happen at any moment. We want to make sure that you have coverage in place to protect your assets. We work with our clients to help them find the right policies for their situation. We look forward to serving you with excellent customer service.
Common Situations When Umbrella Insurance Is Useful
Umbrella insurance offers a safety net when disaster strikes. While your traditional liability coverage protects you if an accident occurs, sometimes it’s not enough. Umbrella insurance covers you once you have reached your liability limit so that your assets will not be at risk. Here is a look at some common situations where umbrella insurance is necessary.
Perhaps you are taking your dog for a walk in the local Spring Grove IL Park. Suddenly, you lose control of the leash and your dog bites someone, causing an injury. If the injury is severe enough where they are unable to work, you may face legal action. Without the extra protection of umbrella insurance, you could lose your assets depending on the verdict.
If you have accessories at your Spring Grove, IL home such as a swimming pool or trampoline, remember that there are high risks associated with using these items. Perhaps you invite a friend over to your home for a swim, and they slip and fall while they are getting out of the pool. They suffer a traumatic head injury, which you are held liable for. Umbrella insurance can protect you while you figure out your next move.
Spring Grove Insurance Can Help You Find The Right Policy
Visit our website to learn more information about umbrella insurance.
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.