Why You May Need Umbrella Insurance
Unfortunately, we live in an extremely litigious society, meaning we must strategically work towards minimizing liability threats. The best way to maintain your security and peace of mind is with personal liability coverage. While you may already hold homeowners insurance and auto insurance, it may be advantageous for you to obtain excess liability coverage.
Excess liability coverage, more commonly known as umbrella insurance, provides individuals with extra liability protection that goes beyond the limits of your existing policies. This means that whenever your existing liability limits have become exhausted, your excess liability coverage will kick in to cover the rest of the costs. Therefore, if you are involved in an accident that results in a lawsuit and expensive medical bills of others involved in the accident, your umbrella coverage would kick in to cover the costs. One of the most favorable perks of having an umbrella policy is that you will receive coverage for legal expenses, even if you do not come out on top.
While you may be inclined to avoid purchasing an umbrella policy because your assets are not valued very high, this policy is perfect for those without valuable assets as well. Would you be able to cover the costs of a lawsuit and medical expenses of someone who was injured on your property? If you cannot comfortably answer “yes” to this question, it may be wise to invest in an umbrella insurance policy.
Contact Steve Wilk Insurance Agency in Lombard for all of your Illinois personal insurance needs. We will go above and beyond to provide you with maximized security from all potential liability threats. Your security is our top priority, and we will work towards eliminating risks you may be faced with by equipping you with an umbrella insurance policy.