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.