6 Reasons Why You Must Buy Umbrella Insurance

6 Reasons Why You Must Buy Umbrella Insurance

Umbrella insurance provides extra protection for your assets. It helps give you peace of mind that your assets will be covered if you are involved in a liability dispute. Umbrella insurance policies are so valuable because they go above and beyond your traditional policies. They help cover your physical and financial assets when you have reached the liability limits on your traditional policies. Here is a look at some of the reasons why and when you should consider purchasing an umbrella insurance policy.

  • Protect Your Assets

One of the benefits of umbrella insurance is that it allows you to protect your assets. You will already have a liability limit on your home, car, and other investments. However, accidents can occur at any time, and a serious liability dispute could potentially cost you everything. If the suit extends past your liability limits, umbrella insurance will help ensure that your assets are protected. Remember that your umbrella insurance policy should match the number of assets that you have.

  • You Are A Parent

As a parent, umbrella insurance can help you in several ways. At some point your child will start learning how to drive, which will bring some stressful moments as they learn how to operate a motor vehicle. Accidents are fairly high among teenage drivers. If your child is held responsible for damages to someone else’s property, umbrella insurance can potentially save you a lot of trouble.

  • You Are The Owner Of A Pet

As a pet owner, umbrella insurance can definitely benefit you. For example, if you have a dog, you can rely on umbrella insurance if your dog bites someone or damages their property. Umbrella insurance is essentially mandatory if your pet has a history of causing damage or if you own an aggressive dog breed. It can also help increase the value of your coverage and help you prepare for the unexpected.

  • You Have High Risk Accessories

ATVs, boats, and snowmobiles can be fun, but you must enjoy them with extreme care. When something goes wrong, they can bring about serious injury. As these accessories are naturally dangerous, your umbrella insurance policy can protect you if you are involved in an accident. Review your policy to make sure that your accessory is eligible for umbrella insurance.

  • You Are A Small Business Owner

As a small business owner, you have to prepare for the worst. Umbrella insurance can help you protect your investment and assets if someone attempts to sue you. While your primary line of defense is your commercial general liability policy, umbrella insurance provides a valuable safety net.

  • You Have Additional Structures On Your Property

If you have a swimming pool or trampoline in your backyard, umbrella insurance is important because these structures are major liability risks. If someone slips while getting out of the pool or gets injured jumping on your trampoline, you will be held liable and the resulting medical bills could be devastating to your finances. One of the most important benefits of umbrella insurance is that it’s there when you need it the most, you can rely on it.

Regardless of your financial status, umbrella insurance is a valuable asset. The policy will protect you when you need it the most. If you need more-in-depth information on insurance, contact the experts at Steve Wilk Insurance today. You may also visit our office at 310 S Main Street, Suite C, Lombard, IL 60148.