Stated simply, umbrella insurance is designed to protect you from unforeseen and often overwhelming liability claims. Sometimes referred to as excess liability insurance, an umbrella policy acts as a fail-safe for your savings and other assets if you are sued for damages that exceed the liability limits of car insurance, homeowners insurance or possibly other coverage types like a boat or ATV. An umbrella policy helps pay what is owed so you don’t have to.
America’s Dairyland is full of residents just like you who have worked hard to build their net worth and accumulate assets that need protecting. Consider the following facts:
- Wisconsin’s average annual income is around $52,000.
- The median estimated value of a home in WI is nearly $170,000.
- The average insurance policy for auto covers $100,000 per person and $300,000 for multiple people being injured
- The average Home insurance policy covers $300,000 of liability for injuries
If you are involved in an accident where the other person is seriously injured and it is your fault, you likely don’t have enough cash, equity in your house or insurance coverage to protect you from bankruptcy. Umbrella insurance is designed to broaden and increase current liability coverage, so a lawsuit doesn’t cost you your home, savings, and future earnings.
Umbrella insurance provides extra coverage for:
- Damage to property
- Certain lawsuits
- Personal liability situations, including bodily injury liability, property damage liability, and owners of rental units
- It can also protect against libel, vandalism, slander, and invasion of privacy.
People who regularly purchase umbrella insurance often own property, have significant savings or they may own potentially hazardous items that can cause injury (pools, trampolines, teenagers, etc.). They might also engage in activities that increase their chances of lawsuits, such as coaching your kid’s teams, volunteering or owning rental properties.
The best news about an umbrella is that they are often inexpensive. In fact, many of our companies have umbrellas which start out under $100 a year. Adding an umbrella to your existing home and auto policies is a great way to protect you and your family from unforeseen accidents. Remember you don’t have to be a millionaire to be sued for $1 million.
If you want to learn more about adding an additional layer of protection to your insurance, get in touch with one of our G2 Insurance agents today at (262) 784-0644.