Lawsuits: They’re not just for the rich. We all know how litigious our society has become. In today’s world, you can be sued for nearly anything and forced to defend yourself against costly judgments. If a court rules against you, the financial fallout can be devastating. For the average worker or retiree, the loss could set you back many years of savings and income. Homeowners insurance, auto insurance, and other types of coverage offer some liability protection, but it may not be enough to protect you from a major claim. Umbrella insurance is the affordable way to bridge the gaps left behind by the limits on your other policies.
Extra Coverage when You Need It Most
Umbrella insurance can provide widespread liability protection, including coverage that may not be available from other types of insurance. Examples include coverage for:
- Property Damage
- Legal Defense Fees
- False Arrest
- Rental Property Liability
Coverage is typically available in increments of $1 million, with up to $5 million accessible to those who want it. If that sounds like a lot, consider this: personal injury and property damage judgments can easily creep into the millions when multiple people are badly injured, and there is extensive personal property is damaged, or a victim does not survive an accident. Even the highest limits on a standard auto insurance policy can only go so far in protecting you against exorbitant claims.
Umbrella insurance creates a safety net with liability protection that is universal to many different types of coverage. Once you reach the limits on your primary insurance policy, umbrella coverage can conform to nearly any type of protection, including home, boat, auto, and more. With premiums that are generally only a fraction of the cost of other forms of liability coverage, umbrella insurance provides peace of mind at an affordable price.
Do You Need Umbrella Insurance?
Umbrella insurance should not be mistaken as a luxury insurance product designed only for the wealthy. If you own anything at all that you would not want to lose in a lawsuit, you might need umbrella insurance. Depending on the state you live in, a judgment against you could result in the loss of many assets, including financial investments, savings accounts, equities, and more. Even your future income could be at stake in a lawsuit. From prosperous investment bankers to hard-working blue-collar employees and small business owners, umbrella insurance has widespread appeal.
There is no end to the possible circumstances in which an umbrella policy could shield you from expensive financial liability. Examples include:
- Your child breaks a one-of-a-kind sculpture at the museum
- A neighbor falls off your trampoline and suffers a concussion
- You accidentally cause a multi-car pileup on the freeway
- You wreck a boat you rented while traveling abroad
Wisconsin Umbrella Insurance Quotes
At Lillie-Couch Insurance, we try to keep things simple. We’re a small town independent agency with a focus on protecting our customers and saving them money. As a friend to our customers, we never want to leave gaps in coverage that could leave you exposed to major risk. Umbrella insurance has saved many blue collar, middle-income and higher-earning families from financial disaster.